Bob Bauer notes that the issue is now before the FEC in its Electioneering Communications rulemaking. Bob and I had a spirited discussion about this at ASPA and at the dinner after my APSA panel where I presented the views (in this paper) that even some condemnatory ads are likely subject to an as-applied exemption following WRTL II. I also take the position in the paper that the debate is mostly of interest to academics and to those who want to bring test cases to push the law further. For corporations and unions that simply want to run ads likely to influence the outcome of federal elections but pay for those ads out of general treasury funds, there is an ample safe harbor for ads that should get the exemption.