The Supreme Court Rules On Campaign Finance
From NPR’s “Watching Washington” Blog:
The Supreme Court Scrambles Politics — Again
Many people will hear about Thursday’s landmark Supreme Court decision freeing corporations to mount political campaigns and say the court has blown up politics as we know it.
By bringing corporations (and by extension, labor unions) back into the electioneering fray, the court has restarted a spending war Congress had tried to restrain over the past generation — most recently with the Bipartisan Campaign Reform Act of 2002, best known for its co-sponsoring senators, John McCain (R-AZ) and Russell Feingold (D-WI).
So long as they do not give to candidates directly, corporations can spend whatever they wish to support or oppose candidates for president or Congress. They are free to exercise their rights of free speech under the First Amendment. Just like citizens. Their rights cannot be suppressed on the basis of their “corporate identity,” wrote Justice Anthony Kennedy.
The ramifications for this year’s congressional elections and the 2012 presidential contest are sure to be profound. What does it mean, for example, for an investment bank such as Goldman Sachs, which had the cash to pay $16 billion in compensation to its employees for 2009, when a major issue before Congress this year is a tax on those bonuses? (Read the whole column here).
Rep. Alan Grayson (D-FL) has launched an online petition against the decision. The text reads:
Unlimited corporate spending on campaigns means the government is up for sale and that the law itself will be bought and sold. It would be political bribery on the largest scale imaginable.
This issue transcends partisan political arguments. We cannot have a government that is bought and paid for by huge multinational corporations. You must stop this.
From The Courthouse News Service:
WASHINGTON (CN) – The Supreme Court today killed a central part of the McCain-Feingold campaign finance law and ruled that corporations may spend as much as they wish to support or oppose candidates for president and Congress. The 5-4 vote left intact limits on corporate gifts to individual candidates (read the whole story here).
Also see here for the story on the Court’s ruling on campaign finance reform from RealClearPolitics.