Now that the first election since passage of the Bipartisan Campaign Reform Act of 2002 (BCRA) is over, analysis of its impact on campaigns, parties, donors and independent groups is underway. Overall, there was a huge increase in the number of small donors to both campaigns and independent groups and elimination of soft money donations to parties and federal candidates. While much more needs to be learned before further reform efforts go forward, initial reports provide an indication of long-term trends.