Landslide When Money Became Speech
May 2, 2024
In this insightful discussion, historian Marc C. Johnson, a fellow at the Mansfield Center specializing in political history, delves into the impact of campaign finance reform after Watergate. He explains how the 1974 law aimed to curb political spending but inadvertently led to increased financial influence in campaigns. Johnson highlights the landmark Buckley v. Valeo ruling, which equated money with free speech, fundamentally changing how elections are fought. The conversation reveals the shift from local issues to national battles, driven by outside money and interest.
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Old System Replaced By A New Funding Era
- Campaign finance before the mid-1970s resembled an old, concentrated system where a few big donors fueled campaigns.
- A sudden legal and technological shift in the 1970s dramatically changed how campaigns are funded and run.
1974 Law Sought To Decentralize Money
- The 1974 law aimed to limit contributions and expenditures and to require disclosure and oversight.
- Its goal was to decentralize funding toward many small donors and public financing to reduce corruption.
Buckley Made Money Into Speech
- Buckley v. Valeo equated spending money with free speech and curtailed key parts of the 1974 reforms.
- The ruling preserved contribution limits but removed limits on independent expenditures, reshaping campaign finance law.
