On Thursday the Supreme Court, in a 5-4 decision, lifted a ban on corporate spending in political ventures. The decision by the Supreme Court on Thursday, rolled back bipartisan campaign finance reform legislation presented by Senators John McCain and Russ Feingold. The McCain/Feingold legislation barred corporations from running commercials for or against a candidate in the winding weeks of their respective campaigns.
President Obama was not pleased with the Supreme Court’s ruling, stating during his weekly address, on Saturday that the ruling, “Opens the floodgates for an unlimited amount of special interest money into our democracy. It gives the special interest lobbyists new leverage to spend millions on advertising to persuade elected officials to vote their way – or to punish those who don’t. That means that any public servant who has the courage to stand up to the special interests and stand up for the American people can find himself or herself under assault come election time. Even foreign corporations may now get into the act.
I can’t think of anything more devastating to the public interest. The last thing we need to do is hand more influence to the lobbyists in Washington, or more power to the special interests to tip the outcome of elections.”
The President went on to add that, “All of us, regardless of party, should be worried that it will be that much harder to get fair, common-sense financial reforms, or close unwarranted tax loopholes that reward corporations from sheltering their income or shipping American jobs off-shore.”
This new decision could greatly affect some of the president most progressive legislation like healthcare reform, and finance regulations.