be waived if such an individual gains the consent of two-thirds of both houses of Congress. In addition, the Twelfth Amendment establishes that the vice-president must meet all the qualifications of being a president. Although not a mandatory requirement, Federal campaign finance laws including the Federal Election Campaign Act state that a candidate who intends to receive contributions aggregating in excess of $5,000 or make expenditures aggregating in excess of $5,000, among others, must first file a Statement of Candidacy with the Federal Election Commission. This has led presidential candidates, especially members from the two major political parties, to officially announce their intentions to run as early as the spring of the previous calendar year so they can start raising or spending the money needed for their nationwide campaign. Potential candidates usually form exploratory committees even earlier to determine the feasibility of them actually running. Decentralized election system and voter eligibility The U.S. presidential election process, like all other elections in the United States, is a highly decentralized system. While the U.S. Constitution does set parameters for the election of the president and other federal officials, state law, not federal, regulates most aspects of elections in the U.S., including the primaries, the eligibility of voters (beyond the basic constitutional definition), and the specific details of running each state's electoral college meeting. All elections, including federal, are administered by the individual states. Thus, the presidential election is really an amalgamation of separate state elections instead of a single national election run by the federal government. Candidates must submit separate filings in each of the 50 states if they want to qualify on each state's ballot, and the requirements for filing vary by state. The eligibility of an individual for voting is set out in the Constitution and regulated at state level. The 15th, 19th and 26th Amendments to the Constitution state that suffrage cannot be denied on grounds of race or color, sex, or age for citizens eighteen years or older, respectively. Beyond these basic qualifications, it is the responsibility of state legislatures to regulate voter eligibility and registration. And the specific requirements for voter eligibility and registration also vary by state, e.g. some states ban convicted felons from voting. Nominating process The modern nominating process of U.S. presidential elections consists of two major parts: a series of presidential primary elections and caucuses held in each state, and the presidential nominating