It won't last long, but I'm starting to feel better about the chief justice: "2. Because WRTL's ads are not express advocacy or its functional equivalent, and because appellants identify no interest sufficiently compelling to justify burdening WRTL's speech, BCRA §203 is unconstitutional as applied to the ads. The section can be constitutionally applied only if it is narrowly tailored to further a compelling interest.
E.g., McConnell, supra, at 205. None of the interests that might justify regulating WRTL's ads are sufficiently compelling. Although the Court has long recognized "the governmental interest in preventing corruption and the appearance of corruption" in election campaigns,
Buckley,
424 U. S., at 45, it has invoked this interest as a reason for upholding
contribution limits,
id., at 26-27, and suggested that it might also justify limits on electioneering
expenditures posing the same dangers as large contributions,
id., at 45.
McConnell arguably applied this interest to ads that were the "functional equivalent" of express advocacy. See
540 U. S., at 204-206. But to justify regulation of WRTL's ads, this interest must be stretched yet another step to ads that are
not the functional equivalent of express advocacy. Issue ads like WRTL's are not equivalent to contributions, and the corruption interest cannot justify regulating them. A second possible compelling interest lies in addressing "the corrosive and distorting effects of immense aggregations of wealth that are accumulated with the help of the corporate form and that have little or no correlation to the public's support for the corporation's political ideas."
Austin v.
Michigan Chamber of Commerce,
494 U. S. 652, 660.
McConnell held that this interest justifies regulating the "functional equivalent" of campaign speech,
540 U. S., at 205-206. This interest cannot be extended further to apply to genuine issue ads like WRTL's, see,
e.g., id., at 206, n. 88, because doing so would call into question this Court's holdings that the corporate identity of a speaker does not strip corporations of all free speech rights.
WRTL I reinforced the validity of this point by holding §203 susceptible to as-applied challenges.
546 U. S., at 411-412. Pp. 23-28."
For those of you scoring at home, WTRL = "Wisconsin Right To Life" but business organizations, unions and the ACLU joined hands in submitting briefs supporting this outcome. Guess folks actually sort of like being able to say stuff.