Cite as: 558 U. S. ____ (2010)
21
Opinion of the Court
tial candidate in light of that candidate’s defense of
free speech. These prohibitions are classic examples of
censorship.
Section 441b is a ban on corporate speech notwithstand
ing the fact that a PAC created by a corporation can still
speak. See McConnell, 540 U. S., at 330–333 (opinion of
KENNEDY, J.). A PAC is a separate association from the
corporation. So the PAC exemption from §441b’s expendi
ture ban, §441b(b)(2), does not allow corporations to speak.
Even if a PAC could somehow allow a corporation to
speak—and it does not—the option to form PACs does not
alleviate the First Amendment problems with §441b.
PACs are burdensome alternatives; they are expensive to
administer and subject to extensive regulations. For
example, every PAC must appoint a treasurer, forward
donations to the treasurer promptly, keep detailed records
of the identities of the persons making donations, preserve
receipts for three years, and file an organization statement
and report changes to this information within 10 days.
See id., at 330–332 (quoting MCFL, 479 U. S., at 253–
254).
And that is just the beginning. PACs must file detailed
monthly reports with the FEC, which are due at different
times depending on the type of election that is about to
occur:
“ ‘These reports must contain information regarding
the amount of cash on hand; the total amount of re
ceipts, detailed by 10 different categories; the identifi
cation of each political committee and candidate’s au
thorized or affiliated committee making contributions,
and any persons making loans, providing rebates, re
funds, dividends, or interest or any other offset to op
erating expenditures in an aggregate amount over
$200; the total amount of all disbursements, detailed
by 12 different categories; the names of all authorized