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campaigns for political office.” Buckley v. Valeo, 424 U.S. 1,
15 (1976) (internal quotation marks omitted).
The
Amendment “protects political association as well as political
expression.” Id.; see also NAACP v. Alabama ex rel.
Patterson, 357 U.S. 449, 460 (1958).
In analyzing the interaction of the First Amendment and
campaign finance laws, the Court has articulated several
overarching principles of relevance here.
First, the Court has held that campaign contributions and
expenditures constitute “speech” within the protection of the
First Amendment. In Buckley, the foundational case, the
Court definitively ruled that “contribution and expenditure
limitations operate in an area of the most fundamental First
Amendment activities.” 424 U.S. at 14. The Court has never
strayed from that cardinal tenet, notwithstanding some
passionate objections. See, e.g., Nixon v. Shrink Mo. Gov’t
PAC, 528 U.S. 377, 398 (2000) (Stevens, J., concurring)
(“Money is property; it is not speech.”); J. Skelly Wright,
Politics and the Constitution: Is Money Speech?, 85 YALE
L.J. 1001 (1976).
Second, the Court has ruled that the Government cannot
limit campaign contributions and expenditures to achieve
“equalization” – that is, it cannot restrict the speech of some
so that others might have equal voice or influence in the
electoral process. In perhaps the most important sentence in
the Court’s entire campaign finance jurisprudence, Buckley
stated: “[T]he concept that government may restrict the
speech of some elements of our society in order to enhance
the relative voice of others is wholly foreign to the First
Amendment.” 424 U.S. at 48-49. The Court added that the
Government’s interest in “equalizing the relative ability of