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Opinion of the Court
however, that is a significant cost to impose on the exercise of a constitutional right.
The second option is the converse of the first. It provides that a party that makes any coordinated expenditure "under this subsection" (i. e., one that exceeds the ordinary $5,000 limit) cannot make "any independent expenditure (as defined in section [301(17)]) with respect to the candidate." 2 U. S. C. § 441a(d)(4)(A)(ii). Section 301(17) defines " 'independent expenditure' " to mean a noncoordinated expenditure "expressly advocating the election or defeat of a clearly identified candidate." 2 U. S. C. § 431(17)(A).95 Therefore, as was true of the first option, the party's choice is not as stark as it initially appears: The consequence of the larger coordinated expenditure is not a complete prohibition of any independent expenditure, but the forfeiture of the right to make independent expenditures for express advocacy. As we explained in our discussion of the provisions relating to electioneering communications, supra, at 189-194, express advocacy represents only a tiny fraction of the political communications made for the purpose of electing or defeating candidates during a campaign. Regardless of which option parties choose, they remain free to make independent ex-95 As amended by BCRA, § 301(17) provides: "Independent expenditure "The term 'independent expenditure' means an expenditure by a person—
"(A) expressly advocating the election or defeat of a clearly identified candidate; and
"(B) that is not made in concert or cooperation with or at the request or suggestion of such candidate, the candidate's authorized political committee, or their agents, or a political party committee or its agents." 2 U. S. C. § 431(17) (Supp. II). The version of the definition prior to its amendment by BCRA also
included the phrase "expressly advocating the election or defeat of a clearly identified candidate." 2 U. S. C. § 431(17) (2000 ed.). That definition had been adopted in 1976, presumably to reflect the narrowing construction that the Court adopted in Buckley. Federal Election Campaign Act Amendments of 1976, 90 Stat. 475.
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