Explaining the U.S. Supreme Court ruling on campaign finance - KWWL - Eastern Iowa Breaking News, Weather, Closings

Explaining the U.S. Supreme Court ruling on campaign finance

Dubuque (KWWL) -- Thursday's ruling on campaign finance is getting mixed reaction from both Republicans and Democrats. Critics are saying it could change who wins elections, others say it won't change much.

Here's how it works; Thursday the U.S. Supreme Court over turned a ban on corporate contributions to election campaigns but there are still requirements.

Here's what changes: corporations are now allowed to produce and run their own campaign ads using money from their general treasuries. They can issue oriented ads that are paid for by corporations or unions. These ads can air at anytime, as opposed to 30 days prior to a primary and 60 days prior to any general election.

Although a corporation may spend an unlimited amount on ads, spending more than $10,000 a year on a specific ad must be reported to the Federal Election Commission.

And here's what stays the same; a ban on all donations made by corporations from their treasure directly to the candidates.

Finally, the ad must clearly state who is responsible if the ad is not authorized by a candidate or political committee.

All of this has divided parties even further.

"To allow the wealthy with unlimited pockets to say anything they want without any kind of recrimination or anything kind of bounds on it. It is just a real threat to our ability to have a nation ruled by well educated people who can get all the facts straight," said Terry Stewart the Dubuque Chairman of the Democratic Party.

Those opposing the views similar to Stewart lean on the roots of America's constitution.

"I think it affirms the constitutional rights of all Americans and restores 1st Amendment rights to non-profits and corporations and gives them the opportunity to speak their voice when it comes to campaigns," said Jim Anderson, Executive Director of Iowa Republican Party.

So what does all this mean for Iowa? Well, Iowa's among 24 other states that prohibit corporations, financial institutes and insurance companies from donating to elections and with Thursdays ruling Iowa's law will likely be unconstitutional. That's because Thursdays ruling marks such rule as violation to citizen's freedom of speech.

Officials say it's too soon to know what whether the law will be appealed.

Online Reporter: Lauren Squires

Follow Lauren on Twitter.

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