Bruce Cain has written this lead essay for a Cato Unbound series on Following the Money: The Law and Ethics of Campaign Finance Disclosure. Over the next week, there will be responses by John Samples, Nikki Willoughby, and me. Then there will be a further exchange through shorter blog posts. From Bruce’s Introduction:

In the end, it seems clear that we need to be more careful about protecting individual choice in the exercise of all First Amendment rights, not just voting. This requires a closer examination of the goals we are pursuing, and in the true spirit of First Amendment jurisprudence, adopting a narrower tailoring of disclosure practices in order to protect individual autonomy. In particular, we should consider the option of semi-disclosure: that is, the full reporting but only partial disclosure of campaign donor information. Full reporting would serve the purposes of preventing corruption and promoting enforcement, while partial disclosure gives voters the information they need to make choices while protecting individual identities. It may also be a mistake to use disclosure and disclaimer requirements to discourage activity that cannot be prohibited under the Supreme Court’s interpretation of the First Amendment.