Cite as: 558 U. S. ____ (2010)
5
Syllabus
making in a democracy, and this is no less true because the speech
comes from a corporation.” Bellotti, supra, at 777 (footnote omitted).
This protection is inconsistent with Austin’s rationale, which is
meant to prevent corporations from obtaining “ ‘an unfair advantage
in the political marketplace’ ” by using “ ‘resources amassed in the
economic marketplace.’ ” 494 U. S., at 659. First Amendment protec
tions do not depend on the speaker’s “financial ability to engage in
public discussion.” Buckley, supra, at 49. These conclusions were re
affirmed when the Court invalidated a BCRA provision that in
creased the cap on contributions to one candidate if the opponent
made certain expenditures from personal funds. Davis v. Federal
Election Comm’n, 554 U. S. ___, ___. Distinguishing wealthy indi
viduals from corporations based on the latter’s special advantages of,
e.g., limited liability, does not suffice to allow laws prohibiting
speech. It is irrelevant for First Amendment purposes that corporate
funds may “have little or no correlation to the public’s support for the
corporation’s political ideas.” Austin, supra, at 660. All speakers, in
cluding individuals and the media, use money amassed from the eco
nomic marketplace to fund their speech, and the First Amendment
protects the resulting speech. Under the antidistortion rationale,
Congress could also ban political speech of media corporations. Al
though currently exempt from §441b, they accumulate wealth with
the help of their corporate form, may have aggregations of wealth,
and may express views “hav[ing] little or no correlation to the public’s
support” for those views. Differential treatment of media corpora
tions and other corporations cannot be squared with the First
Amendment, and there is no support for the view that the Amend
ment’s original meaning would permit suppressing media corpora
tions’ political speech. Austin interferes with the “open marketplace”
of ideas protected by the First Amendment. New York State Bd. of
Elections v. Lopez Torres, 552 U. S. 196, 208. Its censorship is vast in
its reach, suppressing the speech of both for-profit and nonprofit,
both small and large, corporations. Pp. 32–40.
(2) This reasoning also shows the invalidity of the Govern
ment’s other arguments. It reasons that corporate political speech
can be banned to prevent corruption or its appearance. The Buckley
Court found this rationale “sufficiently important” to allow contribu
tion limits but refused to extend that reasoning to expenditure limits,
424 U.S., at 25, and the Court does not do so here. While a single
Bellotti footnote purported to leave the question open, 435 U. S., at
788, n. 26, this Court now concludes that independent expenditures,
including those made by corporations, do not give rise to corruption
or the appearance of corruption. That speakers may have influence
over or access to elected officials does not mean that those officials