Campaign Finance Reform: A Libertarian Primer | Robert A. Levy | Cato Institute: Commentary

Campaign Finance Reform: A Libertarian Primer | Robert A. Levy | Cato Institute: Commentary: "The Court decided in McConnell that political expression was entitled to less First Amendment protection than Klan speech, pornography, and flag burning. Each of those is constitutionally protected; but if a corporation such as, say, Random House were to publish a book with the words 'Vote for Obama' anywhere in the text, the entire book could be banned. Ditto for any book distributed via Amazon's Kindle that simply named a candidate for federal office within 60 days of a general election or 30 days of a primary."

"Under the post-Citizens United rules, corporations and unions still cannot contribute directly to candidates; and they still have to disclose when they pay for an advertisement — so we will know who's footing the bill. But the ad itself, if it's independent and not coordinated with the candidate, can be broadcast without restriction. Further, corporations and unions will now be able to say 'Vote for [or against] Candidate X.' Before Citizens United, they had to say 'Call Candidate X and tell her you like [or don't like] her views' on a particular issue. Most of us would agree, that distinction makes little sense."

"The Court has been reluctant to grasp the notion that politics is essentially a bargain between candidates and the voters. When a candidate promises to pursue an agenda that a voter favors, it should not matter constitutionally whether the voter's return promise is to vote for the candidate, convince his friends to vote for the candidate, write letters to the editor in support of the candidate, pay for an ad that supports the candidate, or donate money to the candidate so he can pay for his own ad. Nor should it matter if the candidate's end of the bargain includes a commitment to meet with the voter, listen to his views or, to put it crassly, give him access and influence. Each of those acts has the same end in mind: getting the candidate elected. And each act operates through the same means: political speech. The exchange of speech for promises by the candidate is not corruption. It is democracy at work."

"Prohibiting less affluent individuals from pooling resources is a recipe for tilting the playing field in favor of the rich. Currently, there are no limits on how much George Soros or Michael Bloomberg can spend of their own money on political speech. Why shouldn't a few thousand others be able to match them by joining forces through an entity such as a corporation that expresses their policy preferences?"

"Notably, half of our states have minimal campaign finance limitations; yet there's no evidence that politics in those states is more corrupt. Indeed, the real reason for strict laws is not to prevent corruption, but to protect incumbent politicians who wish to be reelected. Restrict political expression and you restrict the ability of upstart challengers to defeat current officeholders.

The proper answer to large expenditures for speech is either more speech or, if the existing system proves unworkable, a constitutional amendment. As for money, it's just a symptom. We have a big money problem because we have a big government problem. By restraining the regulatory and redistributive powers of the state, we can minimize the influence of big money. Restoring the Framers' notion of enumerated, delegated, and limited federal powers will get government out of our lives and out of our wallets. That's the best way to end the campaign-finance racket, and root out corruption without jeopardizing political speech."