Obama criticizes Supreme Court ruling on campaign financing
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President Obama today joined top congressional Democrats in blasting the Supreme Court ruling that overturns many restrictions in how political campaigns are financed.
In a prepared statement, Obama said the ruling “has given a green light to a new stampede of special interest money in our politics.
“It is a major victory for big oil, Wall Street banks, health insurance companies and the other powerful interests that marshal their power every day in Washington to drown out the voices of everyday Americans,” the president said.
The statement came hours after Obama announced his proposed banking regulations designed to prevent a financial meltdown, similar to the problems that have plagued his first year in office. The president again criticized the banking community for lobbying against more regulations.
“This ruling gives the special interests and their lobbyists even more power in Washington -- while undermining the influence of average Americans who make small contributions to support their preferred candidates,” Obama stated.
The president said he has instructed his administration to work with Congress to develop legislation on financing campaigns.
-- Michael Muskal
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