More Rules, More Money - New York Times

When a leading Democratic and a leading Republican campaign finance lawyer agree on something, you would think more people would take noice. But then again, maybe not.

Our law practices, which have grown tenfold since 1981, have certainly prospered from the seemingly unappeasable demand for reform. But it cannot be said that others — those active in the political process, or the public at large — have done nearly as well. The law is not only increasingly complex but, in many cases, counterintuitive, requiring ever more nuanced clarifications from regulators.

Some reformers genuinely believe that it is possible to drive money out of politics and still observe the command of the First Amendment. Others see practical advantages. Many politicians favored McCain-Feingold because it prohibited certain advertising that mentioned opponents’ names, or because it authorized them to raise more money if they were challenged by wealthy, free-spending opponents. The bill also attempted to strike at “negative” political speech — known to ordinary Americans by its other name, “criticism”— by requiring candidates to publicly approve their ad content.