Money at the Races

The Supreme Court ruled Thursday that laws restricting political spending by corporations violate the right of free speech.  The ruling also limited the role of the government to interfere in corporate contributions and their funding of various political issues or agendas.

“If the First Amendment has any force,” Justice Anthony M. Kennedy wrote for the majority, which included the four members of its conservative wing, “it prohibits Congress from fining or jailing citizens, or associations of citizens, for simply engaging in political speech.”

Previously federal law prohibited corporations and unions from using their treasuries to support a specific candidate, allowing them only to express themselves through political action committees (PAC’s).   One such law that had gained significant notoriety for the cause of campaign finance reform was the McCain-Feingold law.  A rare level of bipartisanship enabled the bill to be passed.  The bill’s namesakes are Sen. John McCain (R -AZ) and Sen. Russ Feingold (D – WI).

Thursday’s decision still prevents corporations from donating money directly to campaigns, but overturned many parts of McCain-Feingold.

The ruling evoked strong reactions from both sides of the aisle.

McCain said Thursday, “I am disappointed by the decision of the Supreme Court and the lifting of the limits on corporate and union contributions.”

Feingold had harsher words: “This decision was a terrible mistake.  Presented with a relatively narrow legal issue, the Supreme Court chose to roll back laws that have limited the role of corporate money in federal elections since Teddy Roosevelt was president.”

Republicans overwhelmingly praised the ruling, while Democrats responded with biting rhetoric.

“For too long, some in this country have been deprived of full participation in the political process. With today’s monumental decision, the Supreme Court took an important step in the direction of restoring the First Amendment rights of these groups,” said Senate Minority Leader Mitch McConnell (R – KY).

The Washington Post printed a statement by President Obama on the Supreme Court ruling.

“With its ruling today, the Supreme Court has given a green light to a new stampede of special interest money in our politics,” Obama claimed.  “It is a major victory for big oil, Wall Street banks, health insurance companies and the other powerful interests that marshal their power every day in Washington to drown out the voices of everyday Americans. … We are going to talk with bipartisan congressional leaders to develop a forceful response to this decision.”

One such “forceful response” is a proposed Constitutional Amendment, introduced by Rep. Leonard Boswell (D-IA).  The amendment would prohibit corporations and labor unions from using general treasury funds in connection with a federal election campaign.

“The Supreme Court’s ruling today strikes at the very core of democracy in the United States by inflating the speech rights of large, faceless corporations to the same level of hard-working, every day Americans,” Boswell said in a statement.

“It’s time to take matters into our own hands to enact a constitutional amendment that once and for all declares that we the people govern our elections and campaigns, not we the corporations,” said Rep. Donna Edwards (D-MD).

A Constitutional Amendment would need to be ratified by two-thirds of both houses of Congress and three-quarters of the states.

The Americano/Agencies

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