Finance
Originalism’s campaign finance conundrum
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In a recent interview, Justice Amy Coney Barrett shared her view that “originalism became prominent as a theory” as a counterweight to the theory of “living constitutionalism” that “had become dominant” during the courts led by Chief Justices Earl Warren and Warren Burger. According to Barrett, whereas the living constitutionalism of the Warren-Burger eras put the court in the position of functionally amending the Constitution by updating its meaning, originalism instead aims to understand “how those who ratified the Constitution understood the words.”
There is no doubt that decisions from the Warren and Burger courts are now open to question by a solid majority of originalist justices; the court’s 2022 decision in Dobbs v. Jackson Women’s Health Organization, holding that there is no constitutional right to an abortion, is only the most noteworthy example of this. But many other precedents from that same era have not yet received comparable scrutiny, prominent among these being the court’s seminal campaign finance decision in the 1976 case of Buckley v. Valeo.
When the Supreme Court hears oral argument in National Republican Senatorial Committee v. Federal Election Commission this morning, Tuesday, Dec. 9, it will confront fundamental questions about the First Amendment and money in politics. But the case also presents an underappreciated puzzle: How should originalists think about Buckley, which created much of our constitutional framework around campaign finance?
What Buckley did
In the early 1970s, Congress crafted legislation aimed at addressing the soaring cost of political campaigns and reducing the perceived influence of wealthy interests. The Federal Election Campaign Act of 1971 passed with bipartisan supermajorities in both chambers. President Richard Nixon signed it into law, noting that “the goal of controlling campaign expenditures was a highly laudable one.” When Congress amended FECA in 1974, which, among other things, further limited the amounts that could be contributed to federal candidates, President Gerald Ford proclaimed: “The unpleasant truth is that big money influence has come to play an unseem[ly] role in our electoral process. This bill will he[l]p to right that wrong.”
Nevertheless, in Buckley – which turns 50 next month – the Supreme Court struck down most of FECA’s core provisions. The court functionally equated spending money in politics with “the freedom of speech” itself, concluding that limits on campaign spending “necessarily reduces the quantity of expression by restricting the number of issues discussed, the depth of their exploration, and the size of the audience reached.” While the court upheld limits on direct contributions to federal candidates as a guard against quid pro quo corruption, it invalidated all limits on expenditures by campaigns or independent groups.
Buckley runs to a remarkable 144 pages in the U.S. Reports — the longest majority opinion the court has ever produced. Yet nowhere in those 144 pages does the court engage in any sort of originalist analysis of the core questions in the case. There’s no sustained examination of what “the freedom of speech” originally entailed, no investigation of how the founding generation would have understood campaign finance regulation, and no inquiry into which institution they expected to resolve such questions.
A methodological resemblance
Indeed, Buckley emerged during a period when originalism was not the court’s dominant mode of constitutional interpretation, and the decision bears striking similarities to other cases that originalists have criticized for lacking grounding in the Constitution’s original meaning. Three examples are especially pertinent.
First, in the 1965 case of Griswold v. Connecticut, Justice William O. Douglas famously identified a constitutional right to privacy prohibiting states from banning contraception for married couples. He derived this from “penumbras, formed by emanations” of various Bill of Rights provisions, a move which originalists have condemned for creating rights without any clear textual foundation. Buckley took similar leaps, deriving the concept of unlimited campaign spending from the First Amendment’s “freedom of speech” without any consideration of this amendment’s original meaning.
Second is Miranda v. Arizona, decided in 1966, which prescribed specific warnings that police officers must give to individuals in custody. In that case, the court provided no textualist or originalist grounding in the Fifth Amendment’s self-incrimination clause. For that reason, originalists have long derided the decision as “inconsistent with the original understanding of the right against self-incrimination” and “a usurpation of legislative and administrative powers, thinly disguised as an exercise in constitutional exegesis[.]” Buckley likewise creates detailed rules constraining democratic choices about campaign finance without any obvious textual commands.
Last is 1973’s Roe v. Wade, which created an elaborate trimester framework that, according to originalists, resembled legislation far more than constitutional interpretation. Like Roe, Buckley constructed a detailed architecture — distinguishing contributions from expenditures, applying different levels of scrutiny to each, and creating categorical rules about corruption — that looks far more legislative than interpretive.
None of this necessarily means that Buckley – or any of the cases cited above – reached the wrong result as a matter of policy. But it does raise questions about methodology. If these forms of reasoning were problematic to originalists in Griswold, Roe, and Miranda, what makes them acceptable in Buckley?
The “who decides” question
Recent originalist scholarship reveals an even deeper problem with Buckley, however. Stanford law professor Jud Campbell’s path-breaking research on the founding era has shown that recovering original meaning requires an understanding of not just what rights the Founders recognized, but which institution they expected to resolve disputes about those rights.
Based on this understanding, and as relevant to Buckley, a key question isn’t merely whether political speech was valued at the founding (it certainly was) – but whether courts were expected to micromanage legislative efforts to address corruption or preserve electoral integrity. And Campbell’s research demonstrates that there was no such view. Instead, the Founders believed that representative institutions could regulate liberty in the public interest – speech included – provided that the people consented through their elected representatives. As Campbell has explained, there is “no evidence that the Founders denied legislative authority to regulate expressive conduct in promotion of the public good — a principle that runs contrary to countless modern decisions.”
Of course, the Founders did expect courts to enforce some constitutional limits. But they expected judges to defer to legislative judgments unless a constitutional violation was clear beyond dispute. Aggressive judicial review using heightened scrutiny is a 20th-century innovation, not a founding-era practice.
But Buckley considered none of this.
Citizens United and beyond
In 2010, Citizens United v. Federal Election Commission extended Buckley’s framework, holding that corporations and other entities have a First Amendment right to make unlimited independent expenditures in elections. In doing so, the court struck down longstanding federal restrictions on corporate campaign spending and overruled precedents upholding such limits. The reasoning was pure Buckley: vigorous judicial review, equation of spending with speech, and dismissal of legislative concerns about corruption unless narrowly defined as quid pro quo arrangements. For this reason, Citizens United has also been critiqued as a non-originalist decision.
The court has only continued this pattern. When Montana sought to apply its century-old ban on corporate expenditures – a law rooted in the state’s particular history with corporate domination of politics – the court summarily reversed in a one-paragraph, unsigned opinion. In McCutcheon v. Federal Election Commission, the majority struck down aggregate limits on individual contributions. In Arizona Free Enterprise Club v. Bennett, the court invalidated Arizona’s public financing scheme. Each decision further entrenched the court as the nation’s primary campaign finance regulator, with democratic bodies relegated to implementing the court’s commands.
The contrast with other constitutional areas is striking. In economic regulation, national security, and countless other domains, the court defers to legislative fact-finding and policy judgments. But campaign finance is apparently different. Here the court insists on its own assessment of empirical questions: What constitutes corruption? When does money create the appearance of improper influence? Will such appearance “cause the electorate to lose faith in our democracy”?
Implications for NRSC v. FEC
As the court considers NRSC v. FEC, it once again faces a choice about how seriously to take originalism when it comes to campaign finance. The case involves federal contribution limits and party coordination rules – specifically, whether limits on how much political parties can spend on campaign advertising that is coordinated with the party’s candidate for office are consistent with the First Amendment. These are technical questions, but they are rooted in the same framework as Buckley.
An originalist approach would ask not only what the understanding of free speech was at the time of the founding (as Buckley failed to do), but whether campaign finance was understood to be an area of vigorous judicial oversight or legislative primacy. As for the latter concern, the founding generation’s answer seems clear. They valued political speech but expected elected representatives to make judgments about how to structure democratic processes.
Defenders of Buckley might respond that political speech occupies a unique constitutional position, or that judicial protection is essential regardless of original understanding. These are serious arguments. But they represent a departure from originalist methodology rather than an application of it. They prioritize judicial assertiveness over the founding generation’s institutional assumptions.
The question, then, is whether originalism’s principles apply consistently across subject areas, or whether campaign finance represents a special case in which other considerations override originalist constraints. If the latter, the court should say so explicitly rather than leaving the tension implicit.
This doesn’t prejudge how NRSC should come out. The court might conclude (unlike in Dobbs) that stare decisis counsels retaining Buckley despite originalist doubts concerning it. Or it might begin the process of unwinding Buckley’s framework, returning campaign finance to democratic processes while maintaining a limited judicial role. Or it might articulate why campaign finance truly is exceptional in ways the Founders would have recognized. But it is high time that the court confronts this tension directly rather than allow Buckley to further distort its approach to such a vital area of the democratic process.
Disclosure: American Promise filed an amicus brief in support of neither party in National Republican Senatorial Committee v. Federal Election Commission.
Finance
Canadian and UK finance groups pause new ventures with DP World over CEO’s emails with Epstein
Financial groups in Canada and the United Kingdom said they’ve paused future ventures with the company DP World after newly released emails showed a yearslong friendship between the company’s CEO, Sultan Ahmed bin Sulayem, and Jeffrey Epstein.
The emails — some referencing porn, sexual massages and escorts — surfaced in the cache of Epstein-related documents recently released by the U.S. Department of Justice. DP World is a logistics giant that runs the Jebel Ali port in Dubai and operates terminals in other ports around the world.
Sulayem, its chairman and CEO, made headlines this week when U.S. officials appeared to associate him with an email in which Epstein wrote, “I loved the torture video.”
In response to the released emails, British International Investment, the UK’s development finance agency, said they “will not be making any new investments with DP World until the required actions have been taken by the company.” One of Canada’s largest pension funds, La Caisse, gave a similar statement.
Epstein killed himself in jail in 2019 after he was charged with sex trafficking. The emails do not appear to implicate Sulayem in Epstein’s alleged crimes. DP World has not responded to multiple requests for comment.
What’s in the ‘torture video’ email?
In 2009, Epstein wrote in an email, “where are you? are you ok , I loved the torture video.”
The recipient, whose email was redacted, replied, “I am in china I will be in the US 2nd week of may.”
On Monday, Republican Rep. Thomas Massie posted a picture of the redacted emails on X, saying “A Sultan seems to have sent this” and that the Justice Department should “make this public.”
Deputy Attorney General Todd Blanche responded to Massie’s post that “the Sultan’s name is available unredacted in the files” and cited another document that names “Sultan Bin Sulayem.”
What have La Caisse and British International Investment said?
La Caisse said in an statement that it’s pausing new “capital deployment” with DP World. “We have made it clear to the company that we expect it to shed light on the situation and take the necessary actions.”
British International Investment said through a spokesperson that they “are shocked by the allegations emerging in the Epstein files regarding Sultan Ahmed bin Sulayem.”
Neither organization is an investor in DP World, but they both have invested alongside the company in port projects around the world.
What do the emails between Epstein and Sulayem say?
The topics range widely, including President Donald Trump, sex and theology.
In one email from 2013, Epstein wrote to Sulayem that “you are one of my most trusted friends in very sense of the word, you have never let me down.”
In response, Sulayem said, “Thank you my friend I am off the sample a fresh 100% female Russian at my yacht.”
That same year, Sulayem sent Epstein an email showing a menu for a massage business which included sexual offerings. Two years later, Sulayem texted Epstein a link to a porn site, and, in 2017, Epstein sent Sulayem a link to an escort website.
Epstein e-mailed with Sulayem about Steve Bannon, the Trump acolyte, in 2018, saying “you will like him.” In another exchange, Sulayem asked Epstein about an event where it appeared Trump would be in attendance.
“Do you think it will be possible to shake hand with trump,” Sulayem asked.
Epstein replied: “Call to discuss.”
Who is Sultan Ahmed bin Sulayem?
He’s chairman and CEO of logistics giant DP World, which has long been a pillar of Dubai’s economy.
The company runs the city’s sprawling Jebel Ali port and operates cargo terminals in ports around the globe.
Sulayem previously had a larger role as chairman of the Dubai World conglomerate, which at the time included the property developer Nakheel. That company was behind the creation of manmade islands in the shape of palm trees and a map of the world that helped cement Dubai’s status as an up-and-coming global city.
___
The AP is reviewing the documents released by the Justice Department in collaboration with journalists from CBS, NBC, MS NOW and CNBC. Journalists from each newsroom are working together to examine the files and share information about what is in them. Each outlet is responsible for its own independent news coverage of the documents.
Finance
Newly appointed director of finance for Halifax County has now resigned
HALIFAX COUNTY, Va. (WSET) — The newly appointed director of finance for Halifax County has now resigned from the post, citing comments that she believes are questioning her integrity.
On Monday, supervisors named the school system’s finance director, Dr. Karen Bucklew, to also serve as the county’s interim finance director.
RELATED: Halifax County Schools finance director to assist county as interim finance director
In her resignation letter, Bucklew cites public comments from members of the board and to the media regarding whether serving both entities is a conflict of interest.
The letter lays out her professional and ethical standards, and said the comments have eroded the professional working environment, so she will remain as the school’s finance director only.
Finance
Bluespring adds $2.3bn in assets with SHP Financial purchase
Bluespring Wealth Partners has purchased SHP Financial, a firm based in Massachusetts that manages about $2.3bn in assets for mass-affluent and high-net-worth clients.
Financial specifics of the deal remain undisclosed.
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SHP Financial was established in 2003 by Derek L. Gregoire, Matthew C. Peck, and Keith W. Ellis Jr., who began their financial careers together in the insurance sector.
The company employs around 50 staff across three offices in Plymouth, Woburn, and Hyannis. Its team includes seven advisers and 18 other financial services professionals.
The firm is known for providing fiduciary advice and offers services such as its SHP Retirement Road Map, aimed at making retirement planning more accessible to clients.
Peck said: “We are deeply protective of the culture we’ve built over the last two decades and were intentional about choosing a partner we felt could help us fuel SHP’s next stage of growth while helping us remain true to our goals.
“And we found that partner in Bluespring. We believe Bluespring can provide the resources and support needed to grow and invest in our team, while preserving the client experience that defines SHP.”
In 2025, Bluespring added over $6bn in assets under management to its business.
Bluespring president Pradeep Jayaraman commented: “SHP is a team that has already built meaningful scale and is still hungry to grow. That’s what makes this an acceleration story, as opposed to a transition story.
“SHP’s founders are seasoned leaders in the prime of their careers, still deeply engaged in their business, with decades of success yet ahead.
Last month, Bluespring added Coghill Investment Strategies, managing around $600m in assets, to its network.
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