WASHINGTON (AP) -- The Supreme Court threw out a 63-year-old law designed to restrain the influence of big business and unions on elections Thursday, ruling that corporations may spend as freely as they like to support or oppose candidates for president and Congress. The decision could drastically alter who gives and gets hundreds of millions of dollars in this year's crucial midterm elections.
By a 5-4 vote, the court overturned two of its own decisions as well as the decades-old law that said companies and labor unions can be prohibited from using money from their general treasuries to produce and run their own campaign ads. The decision threatens similar limits imposed by 24 states.
It leaves in place a prohibition on direct contributions to candidates from corporations and unions.
Critics of the stricter limits have argued that they amount to an unconstitutional restraint of free speech, and the court majority agreed.
Thursday, January 21, 2010
Posted by traderrob at 7:15 AM