The ruling will remove decades-old limits on the amount corporations can spend on campaign ads and repeals part of McCain-Feingold, which prohibited advertising within the last days of an election.
It was a 5-4 decision, written by Kennedy. Stevens wrote the dissent, joined by Sotomayor, Ginsburg, and Breyer.
The justices also struck down part of the landmark McCain-Feingold campaign finance bill that barred union- and corporate-paid issue ads in the closing days of election campaigns.
Opponents of campaign finance reform and fans of the First Amendment are rejoicing. Others are frightened of the influx of free speech from corporations and unions in a mid-term election year.
The AP notes that the ruling may affect similar limits set in 24 states, and Tom Goldstein of SCOTUSBlog observes: “The decision presumably applies equally to state and local elections, given that the Court recognizes a 1st Amendment right.”
Here’s a short description of the case, and how it got started:
Reform advocates were disheartened when the Court refused to rule on the case last term, when it was originally argued. Instead, justices asked for a rehearing in order to consider whether the Court should overrule two previously settled cases as well. Those cases, McConnell v. FEC and Austin v. Michigan Chamber of Commerce, were victories for reformers — victories that were snatched away today.
On Wednesday, the Court overturned Austin, as well as a part of McConnell that placed restrictions on independent expenditures by corporations.
SCOTUSwiki has a very in-depth look at the case, here.
The full opinion is here (PDF).
Update:
Kennedy: “The Government may regulate corporate political speech through disclaimer and disclosure requirements, but it may not suppress that speech altogether.”
Update: Court upholds disclosure requirements:
** Disclaimer requirement: If a political ad is not authorized by a candidate or a political committee, the broadcast of the ad must say who is responsible for its content, plus the name and address of the group behind the ad.
Update: From the opinion:
The Government may not render a ban on political speech constitutional by carving out a limited exemption through an amorphous regulatory interpretation.”
Continued:
Courts, too, are bound by the First Amendment. We must decline to draw, and then redraw, constitutional lines based on the particular media or technology used to disseminate political speech from a particular speaker. It must be noted, moreover, that this undertaking would require substantial litigation over an extended time, all to interpret a law that beyond doubt discloses serious First Amendment flaws. The interpretive process itself would create an inevitable, pervasive, and serious risk of chilling protected speech pending the drawing of fine distinctions that, in the end, would themselves be questionable. First
Amendment standards, however, “must give the benefit of any doubt to protecting rather than stifling speech.”

