Michael Kang’s latest, forthcoming in Fifty Years of Buckley v. Valeo (Lee Bollinger & Geoffrey Stone eds., 2025). The abstract:
Political parties grew from seeming irrelevance in campaign finance at the time of the Federal Election Campaign Act amendments in 1974 to newfound importance in national politics by the soft money era of the 1990s. When Congress finally restricted party soft money in 2002, soft money shifted to nominally independent groups and then, in time, to Super PACs and other outside groups empowered by the Roberts Court’s de-regulation of campaign finance. As I explain here, these changes in modern campaign finance are at least partially responsible for today’s hyperpartisan and polarized politics. Some critics of modern hyperpartisanship and polarization, for this reason, now propose a surprising but simple new reform approach: de-regulation of party campaign finance to strengthen the major parties as counter-weights to the polarizing influence of wealthy donors through their Super PACs and outside groups. However, I argue that de-regulation of party fundraising likely would deepen the major parties’ dependence on their most wealthy, and ideologically extreme, donors for financial support. As a consequence, de-regulation of party fundraising would accelerate the lurch toward the polarized ideological preferences of their committed donors rather than counteract it.