The Impact of Organizational Characteristics on Super PAC Financing and Independent Expenditures Paul S. Herrnson University of Connecticut
[email protected] Presented at the Meeting of the Campaign Finance Task Force, Bipartisan Policy Center, Washington, DC, April 21, 2017 (revised June 2017). 1 Exe cutive Summa ry Super PACs have grown in number, wealth, and influence since the Supreme Court laid the foundation for their formation in Citizens United v. Federal Election Commission, and the decisions reached by other courts and the FEC clarified the boundaries of their political participation. Their objectives and activities also have evolved. Super PACs are not nearly as monolithic as they have been portrayed by the media. While it is inaccurate to characterize them as representative of American society, it is important to recognize that they vary in wealth, mission, structure, affiliation, political perspective, financial transparency, and how and where they participate in political campaigns. Organizational characteristics influence super PAC financing, including the sums they raise. Organizational characteristics also affect super PAC independent expenditures, including the amounts spent, the elections in which they are made, the candidates targeted, and the tone of the messages delivered. The super PAC community is not static. It is likely to continue to evolve in response to legal challenges; regulatory decisions; the objectives of those who create, administer, and finance them; and changes in the broader political environment. 2 Contents I. Introduction 3 II. Data and Methods 4 III. Emergence and Development 7 IV. Organizational Characteristics 11 A. Finances 11 B. Mission 14 C. Affiliation 17 D. Financial Transparency 19 E.