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    Wallison, P. C: AEI Press. Journal Management System. The law also included burdensome and intrusive donor disclosure requirements so wide in application and deep in reporting as to threaten recognized rights of associational privacy and undermine the secrecy of the ballot. And FECA provided public financing of presidential elections through a formula effectively designed to benefit only Republicans and Democrats.

    The final outrage was to put enforcement of these drastic restraints on First Amendment rights in the hands of the very incumbents in Congress who had passed the law in the first place, a built-in constitutional conflict of interest. Fortunately, the Supreme Court in struck down the worst excesses of the law, namely, the restrictions on candidate, campaign and independent expenditures. This led over time to the rise of political action committees, the use of soft money by political parties and outside groups and, nowadays, well-funded political activity by Super PACs and nonprofit organizations.

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    While all this First Amendment activity has added to the public debate, without contribution limits the funding might have gone directly to the candidates and the parties to be used in a more transparent and accountable way. To its credit, the current Supreme Court has been restoring normal First Amendment principles and invalidating many of the remaining FECA restraints on political funding. Its controversial Citizens United ruling has allowed corporations, labor unions and nonprofit organizations to speak out about government and politics, without fear of criminal punishment.

    However, now that so much political funding has been freed from restraints, the only political actors left that have to wage campaigns with one hand tied behind their backs are our candidates and our parties, still subject to FECA's contribution limits. Yet those are the most important participants in our political system. Any meaningful changes to FECA must address that problem, by either easing or totally eliminating such funding barriers. In Buckley, we argued that limits on political giving and spending cut to the core of the First Amendment.