Scrambling to prep for today's BradCast on KPFK/Pacifica Radio, so this will have to be quick today, but you've probably already read about the U.S. Supreme Court's horrible 5-4 decision in the McCutcheon v. Federal Election Commission case by now.
If not, Andrew Kroll's explainer "The Supreme Court Just Gutted Another Campaign Finance Law. Here's What Happened." is excellent, as is Ian Millhiser's "How The Supreme Court Just Legalized Money Laundering By Rich Campaign Donors".
[Millhiser will be joining me this evening on The BradCast.]
In (incredibly) brief, the SCOTUS ruling means that aggregate limits --- put in place 40 years ago, after the Watergate scandal --- that a single person may contribute to federal candidates and political parties were found to be an unconstitutional violation of First Amendment free speech rights. While limits of contributions to individual federal candidates of $2,600 per election (that's $2,600 for a primary and another $2,600 for the general) and $5,000 to a political committee stay in place, the aggregate amount they may now give to many candidates and political parties will now be lifted.
So, where a single donor could previously give no more than $117,000 to all federal candidates and political committees during the 2012 cycle, that limit has now been entirely trashed. As the SCOTUS minority argued in the case, the ruling will now allow a single individual to give up to $3.5 million in a cycle, if they give to all federal candidates running. In turn, those candidates and political parties may now pool that money and divert it to the most needed races.
This ruling is great news, for an incredibly small number of very wealthy people. As Richard Wolf and Fredreka Schouten encapsulate it at USA Today...