Cite as: 572 U. S. ____ (2014)
5
Syllabus
Importantly, there are multiple alternatives available to Congress
that would serve the Government’s interest in preventing circumvention while avoiding “unnecessary abridgment” of First Amendment
rights. Buckley, supra, at 25. Such alternatives might include targeted restrictions on transfers among candidates and political committees, or tighter earmarking rules. Transfers, after all, are the key
to the Government’s concern about circumvention, but they can be
addressed without such a direct and broad interference with First
Amendment rights. Pp. 30–35.
(4) Disclosure of contributions also reduces the potential for
abuse of the campaign finance system. Disclosure requirements,
which are justified by “a governmental interest in ‘provid[ing] the
electorate with information’ about the sources of election-related
spending,” Citizens United, supra, at 367, may deter corruption “by
exposing large contributions and expenditures to the light of publicity,” Buckley, supra at 67. Disclosure requirements may burden
speech, but they often represent a less restrictive alternative to flat
bans on certain types or quantities of speech. Particularly with modern technology, disclosure now offers more robust protections against
corruption than it did when Buckley was decided. Pp. 35–36.
(d) The Government offers an additional rationale for the aggregate
limits, arguing that the opportunity for corruption exists whenever a
legislator is given a large check, even if the check consists of contributions within the base limits to be divided among numerous candidates or committees. That rationale dangerously broadens the circumscribed definition of quid pro quo corruption articulated in prior
cases. Buckley confined its analysis to the possibility that “massive
amounts of money” could be funneled to a particular candidate in excess of the base limits. 424 U. S., at 38. Recasting as corruption a
donor’s widely distributed support for a political party would dramatically expand government regulation of the political process. And
though the Government suggests that solicitation of large contributions poses the corruption danger, the aggregate limits are not limited to any direct solicitation by an officeholder or candidate. Pp. 36–
39.
JUSTICE THOMAS agreed that the aggregate limits are invalid under
the First Amendment, but would overrule Buckley v. Valeo, 424 U. S.
1, and subject BCRA’s aggregate limits to strict scrutiny, which they
would surely fail. Buckley’s “analytic foundation . . . was tenuous
from the very beginning and has only continued to erode in the intervening years.” Nixon v. Shrink Missouri Government PAC, 528 U. S.
377, 412 (THOMAS, J., dissenting). Contributions and expenditures
are simply “two sides of the same First Amendment coin,” and this
Court’s efforts to distinguish the two have produced mere “word