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