IN THE EXCITEMENT over the Supreme Court’s decision in the D.C. gun ban case, almost overlooked was a second decision that struck another blow against the McCain-Feingold federal campaign finance law. In Davis v. FEC, a 5-4 majority found the “Millionaire’s Amendment” to be unconstitutional, holding that it imposed an unprecedented penalty on any candidate who robustly exercises his First Amendment rights by requiring him to choose between the right to engage in unfettered political speech or to be subject to discriminatory fundraising limitations. This was a significant decision reaffirming First Amendment principles and rejecting a new and dangerous justification for campaign restrictions.

The 2002 Millionaire’s Amendment tripled the $2,300 contribution limit for a federal candidate facing a self-financed opponent who spent more than $350,000 of his own funds. It also lifted the limit on money spent by the political party on behalf of the candidate who was not self-funded, while imposing substantial reporting requirements on his freespending opponent. At first blush, this would seem like a good change in the law to everyone who believes that the current contribution limit of $2,300 is too low and that the party coordination limits make no sense since political parties are supposed to help elect their candidates. The problem, however, was the rationale used by Congress for this amendment.