Victory for Millionaire Politicians

While everyone is focused on Heller, another important ruling was issued, this in regards to campaign finance reform.

The 5-4 Republican court struck down the "millionaires" clause in campaign finance law which increases the limit on campaign contributions for a candidate if their opponent infuses millions of their own dollars into the campaign.

Harold Ford Jr. in 2006 had to invoke the clause after Bob Corker emptied his piggy-bank into his campaign coffers. Had that provision not been available to him, he would've been massively outspent earlier on, as Corker waited until later in the campaign to boost his funds, so that Ford would be limited in the amount of time he had to raise the extra cash.

How Feingold can defend this decision is beyond me, as it simply ensures that the rich will have an unchecked advantage in seeking higher office. I understand that the spirit of the law is to reduce the power of special interests over our election process, but at the same time it should also be to encourage fair competition between two candidates.

Update:

I can't really understate the importance (despite the lack of attention by the MSM) of this ruling. Even if McCain and Feingold didn't want it in the original bill, this amendment was important to ensure that less affluent candidates won't be strangled by campaign finance limits.

While this ruling does allow for the law to be amended to allow for new rules which raise the contribution limits of the millionaires, it also strikes down the provision which requires the self-funder to inform the FEC of their intent to spend over the limit of personal funds. Which means that if a wealthy candidate did this in the final quarter of their campaign, nobody would have to know until it was over.

Its time to seriously consider moving away from the campaign finance limits imposed under McCain-Feingold. Some conservatives have advocated instant reporting (something I'd favor regardless of limits) as opposed to the current limits, and I'm beginning to think that may be the route in order to keep well healed candidates from buying their seats without an avenue of recourse by their opponents.

p.s. It should be noted that the "millionaires clause" only effected House and Senate races; Presidential candidates were not covered under the current rules.

See Also:

Daily Kos
Reason