Commission before they can receive contributions aggregating in excess of $5,000 or make expenditures aggregating in excess of $5,000. Thus, this began a trend of presidential candidates declaring their intentions to run as early as the Spring of the preceding calendar year so they can start raising and spending the money needed for their nationwide campaign. Political parties The first president, George Washington, was elected as an independent. Since the election of his successor, John Adams, in 1796, all winners of U.S. presidential elections have represented one of two major parties. Third parties have taken second place only twice, in 1860 and 1912. The last time a third (independent) candidate achieved significant success (although still finishing in third place) was Ross Perot in 1992, and the last time a third-party candidate received any electoral votes not from faithless electors was George Wallace in 1968. Procedure Eligibility requirements Article Two of the Constitution stipulates that for a person to serve as president, the individual must be a natural-born citizen of the United States, at least 35 years old, and a resident of the United States for a period of no less than 14 years. A candidate may start running their campaign early before turning 35 years old or completing 14 years of residency, but must meet the age and residency requirements by Inauguration Day. The Twenty-second Amendment to the Constitution also sets a term limit: a president cannot be elected to more than two terms. The U.S. Constitution also has two provisions that apply to all federal officers appointed by the president, and debatably also to the presidency. When Senator Barack Obama was elected president a legal debate concluded that the president was not an “office under the United States” for many reasons, but most significantly because Article I, Section 3, Clause 7 would violate the legal principle of surplusage if the president were also a civil officer. There exists no case law to resolve the debate however public opinion seems to favor that the Presidency is also bound by the following qualifications: Upon conviction at impeachment, the Senate may vote to disqualify that person from holding any “public office... under the United States” in the future. Section 3 of the Fourteenth Amendment prohibits the election to any federal office of any person who engaged in insurrection after having held any federal or state office, rebellion or treason; this disqualification can