[T]he first [campaign financing] enactment responded
to President Theodore Roosevelt’s call for legislation
forbidding all contributions by corporations “‘to any
political committee or for any political purpose.’” Ibid. The
resulting 1907 statute completely banned corporate
contributions of “money . . . in connection with” any federal
election. Tillman Act, ch. 420, 34 Stat. 864. Congress soon
amended the statute to require the public disclosure of certain
contributions and expenditures and to place “maximum
limits on the amounts that congressional candidates could
spend in seeking nomination and election.” Automobile
Workers, supra, at 575-76.
In 1925 Congress [enacted the Federal Corrupt
Practices Act, which] extended the prohibition of
“contributions” “to include ‘anything of value,’ and made
acceptance of a corporate contribution as well as the giving
of such a contribution a crime.” Fed. Election Comm’n v.
Nat’l Right to Work Comm., 459 U.S. 197, 209 (1982). During
the debates preceding that amendment, a leading Senator
characterized “‘the apparent hold on political parties which
business interests and certain organizations seek and
sometimes obtain by reason of liberal campaign
contributions’” as “‘one of the great political evils of the
time.’” Automobile Workers, supra, at 576 (quoting 65
Cong. Rec. 9507-9508 (1924)). We upheld the amended
statute against a constitutional challenge, observing that
“[t]he power of Congress to protect the election of President
and Vice President from corruption being clear, the choice of
means to that end presents a question primarily addressed to
the judgment of Congress.” Burroughs v. United States,
290 U.S. 534, 547 (1934).
Congress’ historical concern with the “political
potentialities of wealth” and their “untoward consequences for
203
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