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Since the decision in SpeechNow, a number of campaign finance cases have made their way through the system, and most have sought to chip away further at the regulatory framework. Perhaps the most notable of such cases decided to date is Carey v. FEC. At issue in Carey was a natural second question in light of the holding in SpeechNow: If super PACs could form for the sole purpose of channeling unlimited money from donors to mass communications, were there circumstances in which traditional PACs could do the same? By 2010, traditional PACs had been making both independent expenditures and donations to federal candidates for more than sixty years. However, under the FECA and the BCRA, donations to PACs were limited, just as they were for candidates, and PACs, in turn, could only give candidates $5,000 per election cycle. These donations were certainly useful for candidates, but for PACs looking to invest, the ability to make unlimited independent expenditures surely posed an attractive option as well. Simply, the SpeechNow decision dramatically changed the calculus for existing PACs. If, some groups reasoned, they maintained a separate account that would fund only communications (and not donations to candidates), then surely they could accept unlimited contributions to that account. The federal courts had held that contributions posed some risk for increasing the appearance of corruption, and so any contributions made to PACs for the purpose of bundling into larger ones destined for campaign coffers would be subject to hard-money limitations. But if donations to groups who promised to make no contributions to candidates could not be limited, then established PACs saw an opportunity to be both a contribution bundler and a super PAC.
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Conor M. Dowling (Super PAC!: Money, Elections, and Voters after Citizens United (Routledge Research in American Politics and Governance))