Cite as: 596 U. S. ____ (2022) 7 KAGAN, J., dissenting democracy.” Nixon v. Shrink Missouri Government PAC, 528 U. S. 377, 388–389 (2000) (internal quotation marks omitted). And the appearance of that corruption (though scarcely mentioned in the majority opinion) is “[o]f almost equal concern.” Id., at 388. Avoiding that appearance is “critical” if public “confidence in the system of representative Government is not to be eroded to a disastrous extent.” Id., at 389. Serious dangers of actual and apparent quid pro quo corruption attend the transactions Section 304 regulates— again, the use of post-election contributions to repay a candidate’s personal loans. Consider a simple comparison. When a campaign uses a donation to fund routine electoral activities (including speech), the money marginally aids the candidate’s electoral odds, but in no way adds to his personal wealth. By contrast, when a campaign uses a donation to repay the candidate’s loan, every dollar given goes straight into the candidate’s pocket. With each such contribution, his assets increase; he can now buy a car or make tuition payments or join a country club—all with his donors’ dollars. So contributions going to loan repayment have exceptional value to the candidate—which his donors of course realize. And when the contributions occur after the election, their corrupting potential further increases. At that time, a campaign can use donations only to repay loans, of which some 97% come from candidates. See 11 CFR 110.1(b)(3)(i) (2017); A. Ovtchinnikov & P. Valta, SelfFunding of Political Campaigns, Management Science, Articles in Advance 5 (Apr. 7, 2022) (Ovtchinnikov, Self-Funding). So post-election donors can be confident their money will enrich a candidate personally. And those donors have of course learned which candidate won. When they give money to repay the victor’s loan, they know—not merely hope—he will be in a position to perform official favors. The recipe for quid pro quo corruption is thus in place: a donation to enhance the candidate’s own wealth (the quid), made

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