Millionaires' Amendment

The Millionares' Amendment was effectively struck down today with the Supreme Court's decision in Davis v. Federal Election Commission.

From a Politco story on the campaign ramifications for the ruling:

"The law is unlikely to have a significant political impact in individual campaigns. Self-funded candidates, in general, already have poor political track records.

But it will have an immediate effect on several high-profile congressional races that involve candidates that have poured in millions of their own money.

For example, Rep. Kirsten Gillibrand (D-N.Y.) had been able to fundraise with fewer restrictions against Republican Sandy Treadwell, a multimillionaire who already has poured in nearly $1 million of his own money. Now she will have to abide by the normal fundraising limits.

Other candidates that have triggered the Millionaires' Amendment include Republican Chris Hackett, running in a competitive race against freshman Rep. Christopher P. Carney (D-Pa.), and GOP businessman Mike Erickson, running for the open seat of retiring Rep. Darlene Hooley (D-Ore.). Both have each already spent more than $790,000 of their own money in the primaries alone."