Donald Tobin offers this commentary. This commentary is notable because Tobin (and Ned Foley) had initially defended some regulation of independent expenditure committees as consistent with the First Amendment in a BNA article. But now Tobin writes of the new 527 bill: “Although the new McCain-Feingold legislation attempts to close some loopholes exploited by some advocacy group, there is a serious question whether the legislation as written is constitutional. Advocates need to provide strong evidence that contributions to 527 political organizations that engage in only a minimal level of federal advocacy pose significant corruption concerns to warrant the infringement on their First Amendment rights.”