Cite as: 558 U. S. ____ (2010)
25
Opinion of STEVENS, J.
this issue, it is important to keep in mind that we have no
record to show how substantial the burden really is, just
the majority’s own unsupported factfinding, see ante, at
21–22. Like all other natural persons, every shareholder
of every corporation remains entirely free under Austin
and McConnell to do however much electioneering she
pleases outside of the corporate form. The owners of a
“mom & pop” store can simply place ads in their own
names, rather than the store’s. If ideologically aligned
individuals wish to make unlimited expenditures through
the corporate form, they may utilize an MCFL organiza
tion that has policies in place to avoid becoming a conduit
for business or union interests. See MCFL, 479 U. S., at
263–264.
The laws upheld in Austin and McConnell leave open
many additional avenues for corporations’ political speech.
Consider the statutory provision we are ostensibly evalu
ating in this case, BCRA §203. It has no application to
genuine issue advertising—a category of corporate speech
Congress found to be far more substantial than election
related advertising, see McConnell, 540 U. S., at 207—or
to Internet, telephone, and print advocacy.31 Like numer
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31 Roaming far afield from the case at hand, the majority worries that
the Government will use §203 to ban books, pamphlets, and blogs.
Ante, at 20, 33, 49. Yet by its plain terms, §203 does not apply to
printed material. See 2 U. S. C. §434(f)(3)(A)(i); see also 11 CFR
§100.29(c)(1) (“[E]lectioneering communication does not include com
munications appearing in print media”). And in light of the ordinary
understanding of the terms “broadcast, cable, [and] satellite,”
§434(f)(3)(A)(i), coupled with Congress’ clear aim of targeting “a virtual
torrent of televised election-related ads,” McConnell, 540 U. S., at 207,
we highly doubt that §203 could be interpreted to apply to a Web site or
book that happens to be transmitted at some stage over airwaves or
cable lines, or that the FEC would ever try to do so. See 11 CFR
§100.26 (exempting most Internet communications from regulation as
advertising); §100.155 (exempting uncompensated Internet activity
from regulation as an expenditure); Supp. Brief for Center for Inde
pendent Media et al. as Amici Curiae 14 (explaining that “the FEC has