Cite as: 558 U. S. ____ (2010) 49 Opinion of STEVENS, J. Court had construed FECA’s definition of prohibited “ex­ penditures” narrowly to avoid any problems of constitu­ tional vagueness, holding it applicable only to “communi­ cations that expressly advocate the election or defeat of a clearly identified candidate,” 424 U. S., at 80, i.e., state­ ments containing so-called “magic words” like “ ‘vote for,’ ‘elect,’ ‘support,’ ‘cast your ballot for,’ ‘Smith for Congress,’ ‘vote against,’ ‘defeat,’ [or] ‘reject,’ ” id., at 43–44, and n. 52. After Buckley, corporations and unions figured out how to circumvent the limits on express advocacy by using sham “issue ads” that “eschewed the use of magic words” but nonetheless “advocate[d] the election or defeat of clearly identified federal candidates.” McConnell, 540 U. S., at 126. “Corporations and unions spent hundreds of millions of dollars of their general funds to pay for these ads.” Id., at 127. Congress passed §203 to address this circumvention, prohibiting corporations and unions from using general treasury funds for electioneering communi­ cations that “refe[r] to a clearly identified candidate,” whether or not those communications use the magic words. 2 U. S. C. §434(f)(3)(A)(i)(I). When we asked in McConnell “whether a compelling governmental interest justifie[d]” §203, we found the question “easily answered”: “We have repeatedly sustained legislation aimed at ‘the corrosive and distorting effects of immense aggregations of wealth that are accumulated with the help of the corporate form and that have little or no correlation to the public’s support for the corporation’s political ideas.’ ” 540 U. S., at 205 (quoting Austin, 494 U. S., at 660). These precedents “represent respect for the legislative judgment that the special characteristics of the corporate structure require particularly careful regula­ tion.” 540 U. S., at 205 (internal quotation marks omit­ ted). “Moreover, recent cases have recognized that certain restrictions on corporate electoral involvement permissibly hedge against ‘ “circumvention of [valid] contribution

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