A decades-old law limiting how much money political parties can spend in coordination with candidates was struck down by the Supreme Court on June 30, 2026. Citing First Amendment principles, the court held in NRSC v. FEC that the limit unduly prevented political parties from “freely” and “fully” advocating for their respective nominees. The case marks the Roberts court’s latest chapter in a 20-year trajectory toward a more deregulated campaign finance system.
While not the earth-shattering decision that was Citizens United , the 2010 ruling that struck down limits on corporate and union campaign spending as a violation of their free speech, NRSC v. FEC is still significant. And it has the potential to materially reshape the American political process going forward.
×
Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
kAmx?5665[ 42>A2:8? 7:?2?46 C68F=2E:@? :D 2 4@C?6CDE@?6 @7 2 962=E9J 56>@4C24J] $@>6 A@=:E:42= E96@C:DED k2 9C67lQ9EEADi^^5@:]@C8^`_]````^`cef\gefd]`ae`fQm6G6? 4@?E6?5k^2m E92E E96 AC:G2E6 7F?5:?8 @7 42>A2:8?D :D 2?E:E96E:42= E@ k2 9C67lQ9EEADi^^HHH]=:36CE:6D]6F^6?^DE@C:6D^AC:?4:A=6D\@7\56>@4C24J^cc`d`Qm4@C6 56>@4C2E:4 AC:?4:A=6Dk^2m @7 :?E68C:EJ[ 6BF2=:EJ 2?5 C6DA@?D:G6?6DD E@ G@E6CD]k^Am
k9amr2>A2:8? DA6?5:?8i uC665@> @C 4@CCFAE:@?nk^9am
kAmpE 2 >:?:>F>[ :E :D 3C@25=J 28C665 FA@? – k2 9C67lQ9EEADi^^HHH]42>3C:586]@C8^4@C6^;@FC?2=D^3C:E:D9\;@FC?2=\@7\A@=:E:42=\D4:6?46^2CE:4=6^5@\A@=:E:42=\7:?2?46\C67@C>D\C65F46\4@CCFAE:@?^_regtfgrdtaehaqrah`gc_seuf`usuetQm2?5 @3D6CG65k^2m – E92E C6:?:?8 :? >@?6J :? A@=:E:4D :D ?646DD2CJ E@ 4FC3 2==\@FE 4@CCFAE:@?[ H96C6 E96 H62=E9J 2C6 23=6 E@ 5@?2E6 F?=:>:E65 DF>D @7 >@?6J E@ A@=:E:4:2?D :? 6I492?86 7@C 72G@CD]k^Am
k7:8FC6mk:>8 2=ElQp 8@G6C?>6?E 7@C> 4@?46C?:?8 A@=:E:42= A2CEJ 5@?2E:@?D :? 42>A2:8?D]Q DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fbcb_`^@C:8:?2=^7:=6\a_ae_d_e\f`\>2@=@3];A8n:I=:3lC3\c]`]_U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AQ ^mk7:842AE:@?mp? 6I2>A=6 7C@> E96 u656C2= t=64E:@? r@>>:DD:@?’D H63D:E6 @7 @?6 7@C> E92E >FDE 36 7:==65 @FE H96? 2 A@=:E:42= A2CEJ >2<6D 2 42>A2:8? 5@?2E:@?] k2 9C67lQ9EEADi^^HHH]764]8@G^96=A\42?5:52E6D\2?5\4@>>:EE66D^7:=:?8\C6A@CED^A@=:E:42=\A2CEJ\4@?EC:3FE:@?D^Qmu656C2= t=64E:@? r@>>:DD:@?k^2mk^7:842AE:@?mk^7:8FC6m
kAm%96 &]$] $FAC6>6 r@FCE 92D 9:DE@C:42==J k2 9C67lQ9EEADi^^DFAC6>6];FDE:2]4@>^42D6D^7656C2=^FD^dfa^`gd^QmFA96=5 C6DEC:4E:@?Dk^2m @? A@=:E:42= DA6?5:?8 @?=J :7 E96J 7FCE96C65 E9:D 2?E:\4@CCFAE:@? 8@2= – E96 :562 36:?8 E92E 7:89E:?8 4@CCFAE:@? :D 2 4@>A6==:?8 6?@F89 C62D@? E@ =:>:E A@=:E:42= 6IAC6DD:@? 2?5 2DD@4:2E:@? 4@?5F4E65 G:2 E96 5@==2C]k^Am
kAm|@56C?\52J 5:D4FDD:@? @7 &]$] 42>A2:8? 7:?2?46 C6G@=G6D 2C@F?5 :DDF6D DF49 2D k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^52C<\>@?6J^32D:4DQm52C< >@?6Jk^2m[ k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^@FED:56\DA6?5:?8Qm@FED:56\8C@FA DA6?5:?8k^2m 2?5 k2 9C67lQ9EEADi^^HHH]2>6C:42?AC@8C6DD]@C8^2CE:4=6^E96\4@CA@C2E6\A@H6C\C6D6E\E92E\>2<6D\4:E:K6?D\F?:E65\:CC6=6G2?E^Qm4@CA@C2E6 A6CD@?9@@5k^2m] !@=:E:42= A2CEJ DA6?5:?8[ 3J 4@?EC2DE[ C646:G6D 4@>A2C2E:G6=J =:EE=6 2EE6?E:@? 7C@> D49@=2CD[ 24E:G:DED 2?5 E96 >65:2]k^Am
kAm%9:D 2DJ>>6ECJ :D ?@E 6?E:C6=J H:E9@FE H2CC2?E] !@=:E:42= A2CEJ DA6?5:?8 FD65 E@ 5@>:?2E6 6=64E:@? 4J4=6D[ H:E9 A2CE:6D D@>6E:>6D 6G6? @FEDA6?5:?8 E96:C @H? 42?5:52E6D]k^Am
kAmx? a___[ 7@C 6I2>A=6[ E96 #6AF3=:42? }2E:@?2= r@>>:EE66 2?5 s6>@4C2E:4 }2E:@?2= r@>>:EE66 4@>3:?65 k2 9C67lQ9EEADi^^HHH]3C6??2?46?E6C]@C8^@FC\H@C<^2?2=JD:D\@A:?:@?^a___\AC6D:56?E:2=\C246\7:CDE\>@56C?\9:DE@CJ\H96C6\A@=:E:42=\A2CE:6D\DA6?5QmDA6?E >@C6 >@?6Jk^2m @? E6=6G:D:@? 25D DFAA@CE:?8 %6I2D v@G] v6@C86 qFD9 2?5 ':46 !C6D:56?E p= v@C6 E92? E96 42?5:52E6D’ @H? 42>A2:8?D 5:5]k^Am
kAm~G6C E96 A2DE EH@ 564256D[ 9@H6G6C[ A@=:E:42= A2CE:6D 92G6 A=2J65 2 H2?:?8 C@=6 :? 6=64E:@?D] %96 25G6?E @7 k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^A@=:E:42=\24E:@?\4@>>:EE66D\A24D^DFA6C\A24D^a_acQmDFA6C !prDk^2m[ A@=:E:42= 24E:@? 4@>>:EE66D E92E 42? C646:G6 2?5 DA6?5 F?=:>:E65 DF>D @7 >@?6J E@ DFAA@CE 42?5:52E6D[ 92D =65 E@ 2 568C66 @7 @FED:56\8C@FA DA6?5:?8 – DA6?5:?8 >256 H:E9@FE 4@@C5:?2E:@? H:E9 2?J 42?5:52E6 – E92E 72C DFCA2DD6D E92E @7 A@=:E:42= A2CE:6D] |@C6@G6C[ 42?5:52E6D’ 8C@H:?8 C6=:2?46 k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^a_ab^_g^b_^@A:?:@?^42>A2:8?\7:?2?46\D>2==\5@?@CD]9E>=Qm@? D>2==\5@==2C 5@?2E:@?Dk^2m :? E96 286 @7 @?=:?6 7F?5C2:D:?8 92D D9:7E65 E96:C 7:?2?4:2= DFAA@CE 32D6 7C@> E96:C A2CEJ E@ E96:C :?5:G:5F2= 7@==@H6CD]k^Am
kAm!@=:E:42= A2CEJ DA6?5:?8 ?@?6E96=6DD C6>2:?D 4@?D6BF6?E:2= :? &]$] 6=64E:@?D] x? E96 a_ac 6=64E:@? 4J4=6[ 7@C :?DE2?46[ A@=:E:42= A2CE:6D DA6?E k2 9C67lQ9EEADi^^HHH]764]8@G^FA52E6D^DE2E:DE:42=\DF>>2CJ\@7\ac\>@?E9\42>A2:8?\24E:G:EJ\@7\E96\a_ab\a_ac\6=64E:@?\4J4=6^Qm@G6C &$Sa]e 3:==:@?k^2m E@ DFAA@CE 7656C2= 42?5:52E6D – 2 DF3DE2?E:2= 2>@F?E[ 6G6? :7 >@56DE 4@>A2C65 H:E9 E96 Sd]d 3:==:@? DA6?E 3J 7656C2= 42?5:52E6D E96>D6=G6D 2?5 E96 H9@AA:?8 S`d]d 3:==:@? DA6?E 3J !prD 2?5 DFA6C !prD]k^Am
kAm%96 C68F=2E:@? @7 A2CEJ DA6?5:?8 :D E96C67@C6 2 D:8?:7:42?E 4@>A@?6?E @7 E96 &]$] 42>A2:8? 7:?2?46 DJDE6>] p?5 :ED 56C68F=2E:@? 4@F=5 F?=62D9 3:==:@?D @7 5@==2CD >@C6 :? DA6?5:?8 3J A2CE:6D :? 7FEFC6 6=64E:@?D]k^Am
k9am"F:5 AC@ BF@ C:D<nk^9am
kAmu656C2= 42>A2:8? 7:?2?46 =2H C68F=2E6D A@=:E:42= A2CE:6D :? 2 G2C:6EJ @7 H2JD]k^Am
kAmx?5:G:5F2=D k2 9C67lQ9EEADi^^HHH]764]8@G^96=A\42?5:52E6D\2?5\4@>>:EE66D^42?5:52E6\E2<:?8\C646:AED^4@?EC:3FE:@?\=:>:ED^Qm2C6 =:>:E65k^2m :? 9@H >F49 >@?6J E96J 42? 5@?2E6 2??F2==J E@ A@=:E:42= A2CE:6D – S`_[___ E@ DE2E6 2?5 =@42= A2CEJ 4@>>:EE66D 2?5 Scc[b__ E@ ?2E:@?2= A2CEJ 4@>>:EE66D[ 2D @7 a_ad] !@=:E:42= A2CE:6D 2C6 7FCE96C AC@9:3:E65 7C@> 2446AE:?8 >@?6J 7C@> 4@CA@C2E:@?D 2?5 F?:@?D 7@C A2CEJ\3F:=5:?8 AFCA@D6D[ <?@H? 2D “k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^A@=:E:42=\A2CE:6D^D@7E\>@?6J\324<8C@F?56CQmD@7E >@?6Jk^2m]”k^Am
kAmu:?2==J[ AC:@C E@ E96 }#$r G] utr CF=:?8[ A@=:E:42= A2CE:6D H6C6 DF3;64E E@ k2 9C67lQ9EEADi^^HHH]764]8@G^96=A\42?5:52E6D\2?5\4@>>:EE66D^>2<:?8\5:D3FCD6>6?ED\A@=:E:42=\A2CEJ^4@@C5:?2E65\A2CEJ\6IA6?5:EFC6D^4@@C5:?2E65\A2CEJ\6IA6?5:EFC6\=:>:ED^Qm=:>:ED @? 9@H >F49 >@?6J E96J 4@F=5 DA6?5k^2m E@ DFAA@CE 2 8:G6? 42?5:52E6]k^Am
kAm%9:D =2DE C6DEC:4E:@? 92D 72465 E96 >@DE 492==6?86D :? 4@FCE] }#$r G] utr :D ?@E E96 7:CDE E:>6 E96 $FAC6>6 r@FCE 4@?D:56C65 E96 =682=:EJ @7 A2CEJ 6IA6?5:EFC6 =:>:ED]k^Am
kAmx? E96 `hh_D 2?5 62C=J a___D[ E96 $FAC6>6 r@FCE 962C5 EH@ DF49 492==6?86D[ 3@E9 3C@F89E 3J E96 r@=@C25@ #6AF3=:42? u656C2= r2>A2:8? r@>>:EE66] x? E96 7:CDE 42D6[ r@=@C25@ #6AF3=:42?D 492==6?865 2 7656C2= 42>A2:8? 7:?2?46 AC@G:D:@? E92E =:>:E65 9@H >F49 >@?6J A@=:E:42= A2CE:6D 4@F=5 :?56A6?56?E=J DA6?5 E@ DFAA@CE 42?5:52E6D] %96 $FAC6>6 r@FCE k2 9C67lQ9EEADi^^HHH]764]8@G^=682=\C6D@FC46D^4@FCE\42D6D^764\G\4@=@C25@\C6AF3=:42?\7656C2=\42>A2:8?\4@>>:EE66^QmF=E:>2E6=J DECF4< 5@H?k^2m E96 =:>:ED 2D 2 G:@=2E:@? @7 A2CE:6D’ u:CDE p>6?5>6?E DA6649 C:89ED]k^Am
kAm%96 D64@?5 492==6?86[ >62?H9:=6[ E2C86E65 7656C2= =:>:ED @? A2CEJ DA6?5:?8 >256 5:C64E=J :? 4@@C5:?2E:@? H:E9 A2CEJ ?@>:?66D] %96 $FAC6>6 r@FCE 962C5 E9:D 42D6 :? a__` 2?5[ :? 2 A6C92AD DFCAC:D:?8 d\c 564:D:@?[ k2 9C67lQ9EEADi^^DFAC6>6];FDE:2]4@>^42D6D^7656C2=^FD^dbb^cb`^42D6]A57QmF=E:>2E6=J FA96=5k^2m E96 =:>:ED]k^Am
kAm(9J E96 5:776C6?E @FE4@>6n x? E96 4@FCE’D G:6H[ H:E9 4@@C5:?2E:@? 42>6 2 C62= 4@CCFAE:@? C:D<]k^Am
kAmx?5665[ F?56C=J:?8 E96 $FAC6>6 r@FCE’D 3C@256C 42>A2:8? 7:?2?46 5@4EC:?6 :D 2 k2 9C67lQ9EEADi^^E:=6]=@4]8@G^DE@C286\D6CG:46D^D6CG:46^==^FDC6A^FDC6Acac^FDC6Acac__`^FDC6Acac__`]A57Qm=@?8\DE2?5:?8k^2m – k2 9C67lQ9EEADi^^42>A2:8?=682=]@C8^FA52E6^G@E6CD\?665\<?@H\H92E\C653@I:?8\2?5\9@H\:E\F?56C>:?6D\56>@4C24JQm2?5 4@?EC@G6CD:2=k^2m – 2DDF>AE:@? E92E A@=:E:42= DA6?5:?8 C2:D6D K6C@ 4@CCFAE:@? 4@?46C?D H96? >256 :?56A6?56?E @7 2?J 4@==23@C2E:@? H:E9 2 42?5:52E6] p?5 H96? 4@CCFAE:@? :D ?@E 2 4@?46C?[ E96 4@FCE 36=:6G6D =:>:ED @? A@=:E:42= DA6?5:?8 2C6 F?;FDE:7:65]k^Am
kAm&D:?8 E9:D =@8:4[ E96 $FAC6>6 r@FCE :56?E:7:65 4@@C5:?2E65 A2CEJ DA6?5:?8 2D 2 A@E6?E:2= D@FC46 @7 4@CCFAE 562=:?8D] $A64:7:42==J[ E96 4@FCE 7@F?5 E92E 5@?@CD 4@F=5 FD6 A@=:E:42= A2CE:6D 2D “4@?5F:ED” E@ 7F??6= 7FCE96C >@?6J E@ 42?5:52E6D]k^Am
kAmu@C :?DE2?46[ :?5:G:5F2=D 42? 4FCC6?E=J 5@?2E6 k2 9C67lQ9EEADi^^HHH]764]8@G^96=A\42?5:52E6D\2?5\4@>>:EE66D^42?5:52E6\E2<:?8\C646:AED^4@?EC:3FE:@?\=:>:ED^QmFA E@ @?=J Sb[d__k^2m E@ 2 8:G6? 7656C2= 42?5:52E6] *6E[ E96J 42? 5@?2E6 Scc[b__ E@ 2 ?2E:@?2= A2CEJ 4@>>:EE66[ H9:49 42? E96? 492??6= E92E >@?6J E@ E96 D2>6 7656C2= 42?5:52E6]k^Am
k9amq24< E@ E96 4@FCEk^9am
kAm%96 5:776C6?46 36EH66? 2 Sb[d__ 5@?2E:@? 2?5 2 ?62C=J Sd_[___ 5@?2E:@? :D[ @7 4@FCD6[ DE2C<]k^Am
kAmx? :ED k2 9C67lQ9EEADi^^DFAC6>6];FDE:2]4@>^42D6D^7656C2=^FD^dbb^cb`^42D6]A57Qm=2EE6C r@=@C25@ #6AF3=:42?D @A:?:@?k^2m[ E96 $FAC6>6 r@FCE DA64:7:42==J ?@E65 4@?46C?:?8 AC24E:46D 3@C? @FE @7 E9:D 4@?5F:E DJDE6>] %96 s6>@4C2E:4 $6?2E@C:2= r2>A2:8? r@>>:EE66[ 7@C :?DE2?46[ FD65 E@ 92G6 6I4=FD:G6 4=F3D :? H9:49 86?6C@FD 5@?@CD H6C6 :?G:E65 E@ A6CD@?2==J >66E H:E9 s6>@4C2E:4 D6?2E@C:2= 42?5:52E6D]k^Am
kAmx? E96 ad J62CD 7@==@H:?8 E9:D 564:D:@?[ 4@@C5:?2E65 A2CEJ 6IA6?5:EFC6 =:>:ED C6>2:?65 @? E96 3@@<D[ H:E9 E96 AC64:D6 5@==2C 2>@F?E 492?8:?8 6249 6=64E:@? 4J4=6] u@C a_ae[ A@=:E:42= A2CE:6D k2 9C67lQ9EEADi^^HHH]764]8@G^96=A\42?5:52E6D\2?5\4@>>:EE66D^>2<:?8\5:D3FCD6>6?ED\A@=:E:42=\A2CEJ^4@@C5:?2E65\A2CEJ\6IA6?5:EFC6D^4@@C5:?2E65\A2CEJ\6IA6?5:EFC6\=:>:ED^Qm4@F=5 DA6?5 FA E@ Sed[b__k^2m :? 4@@C5:?2E:@? H:E9 &]$] w@FD6 42?5:52E6D[ @C S`b_[e__ :? DE2E6D H:E9 @?=J @?6 C6AC6D6?E2E:G6] %96 =:>:E[ >62?H9:=6[ G2C:65 7@C &]$] $6?2E6 42?5:52E6D 56A6?5:?8 @? DE2E6 A@AF=2E:@?[ C2?8:?8 7C@> S`b_[e__ 7@C (J@>:?8 E@ Sc[_f`[g__ 7@C r2=:7@C?:2]k^Am
kAmw2?8:?8 @? 3J 2 >6C6 d\c $FAC6>6 r@FCE >2;@C:EJ[ 9@H6G6C[ 42>A2:8? 7:?2?46 6IA6CED <?6H E96 4@@C5:?2E65 A2CEJ 6IA6?5:EFC6 =:>:E C6DE65 @? D92<J 8C@F?5] p?5 :? a_aa[ H:E9 2? 2=>@DE 6?E:C6=J 5:776C6?E $FAC6>6 r@FCE 4@>A@D:E:@?[ E96 }2E:@?2= #6AF3=:42? $6?2E@C:2= r@>>:EE66 2?5 }2E:@?2= #6AF3=:42? r@?8C6DD:@?2= r@>>:EE66 k2 9C67lQ9EEADi^^HHH]@J6K]@C8^42D6D^a_ad^ac\ea`QmDF65 E96 u656C2= t=64E:@? r@>>:DD:@?k^2m @G6C :ED 6?7@C46>6?E @7 E96 =:>:E]k^Am
k7:8FC6mk:>8 2=ElQ%96 7246 @7 2 >2? H:E9 52C< 3C@H? 92:C[ H9@ :D H62C:?8 2 3=24< C@36[ :D D66? 36EH66? EH@ @E96C A6@A=6]Q DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fcd`ec^@C:8:?2=^7:=6\a_ae_eb_\df\Je=d:_];A8n:I=:3lC3\c]`]_U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AQ ^mk7:842AE:@?m$FAC6>6 r@FCE pDD@4:2E6 yFDE:46 qC6EE z2G2?2F89 HC@E6 E96 >2;@C:EJ @A:?:@? :? E96 42>A2:8? 7:?2?46 42D6] k2 9C67lQ9EEADi^^HHH]86EEJ:>286D]4@>^56E2:=^?6HD\A9@E@^DFAC6>6\4@FCE\2DD@4:2E6\;FDE:46\3C6EE\<2G2?2F89\2EE6?5D\E96\?6HD\A9@E@^aaebc``fcgn25AA@AFAlECF6Qm(:? |4}2>66^v6EEJ x>286Dk^2mk^7:842AE:@?mk^7:8FC6m
k9am|@?6J 6BF2=D DA6649k^9am
kAm%96 A=2:?E:77D’ 2C8F>6?ED H6C6 =2C86=J E96 D2>6 2D E96 r@=@C25@ #6AF3=:42?D’ @G6C EH@ 564256D 62C=:6C[ C6DE:?8 AC:>2C:=J :? E96 u:CDE p>6?5>6?E]k^Am
kAm}6G6CE96=6DD[ 2D E96 A=2:?E:77D k2 9C67lQ9EEADi^^HHH]DFAC6>64@FCE]8@G^s@4<6E!su^ac^ac\ea`^bbbb`a^a_ac`a_c`bcfaabad0}#$rTa_G]Ta_utrTa_r6CETa_!6E:E:@?]A57Qm6IA=:4:E=J ?@E65 :? E96:C 3C:67Dk^2m[ E96 $FAC6>6 r@FCE’D 42>A2:8? 7:?2?46 5@4EC:?6 925 D9:7E65 C6>2C<23=J F?56C r9:67 yFDE:46 y@9? #@36CED’ E6?FC6[ >@G:?8 E@H2C5 2 >@C6 =:36CE2C:2?[ 56C68F=2E@CJ ;FC:DACF56?46] %96 A=2:?E:77D E9FD 2D<65 E96 4@FCE E@ C6G:D:E :ED EC62E>6?E @7 4@@C5:?2E65 A2CEJ 6IA6?5:EFC6 =:>:ED]k^Am
kAmk2 9C67lQ9EEADi^^HHH]DFAC6>64@FCE]8@G^@A:?:@?D^adA57^ac\ea`09b`d]A57Qm%96 4@FCE 2?DH6C65k^2m :? }#$r G] utr[ @G6CEFC?:?8 :ED AC6G:@FD 564:D:@? @? E96 >2EE6C 2?5 F=E:>2E6=J DEC:<:?8 5@H? E96 4@@C5:?2E65 A2CEJ 6IA6?5:EFC6 =:>:E] %96 >2;@C:EJ @A:?:@?[ HC:EE6? 3J yFDE:46 qC6EE z2G2?2F89[ =2C86=J 25@AE65 E96 u:CDE p>6?5>6?E 2C8F>6?E E92E E96 =:>:E :>A656D A@=:E:42= A2CE:6D’ 23:=:EJ E@ 25G@42E6 7@C E96:C 42?5:52E6D]k^Am
kAmpD 7@C E96 8@G6C?>6?E’D 2?E:\4@CCFAE:@? :?E6C6DE[ E96 4@FCE H2D ?@E 4@?G:?465 E92E =:>:E:?8 4@@C5:?2E65 A2CEJ 6IA6?5:EFC6D H2D ?646DD2CJ E@ 4FC3 4@?5F:E 4@CCFAE:@?] $A64:7:42==J[ E96 4@FCE ?@E65 E92E 6I:DE:?8 5:D4=@DFC6 =2HD 2?5 CF=6D 23@FE 62C>2C<:?8 5@?2E:@?D 2=C625J 24E 2D 5:D:?46?E:G6D 7@C 5@?@CD 9@A:?8 E@ FD6 A2CE:6D 2D 2 >62?D E@ :?5:C64E=J 7F??6= >@?6J E@ 42?5:52E6D]k^Am
kAm|2?J 6=64E:@? =2H 6IA6CED k2 9C67lQ9EEADi^^42>A2:8?=682=]@C8^42D6D\24E:@?D^5676?5:?8\=:>:ED\4@@C5:?2E65\DA6?5:?8\A@=:E:42=\A2CE:6DQmH:== =:<6=J 2C8F6k^2m E92E E9:D 564:D:@? H:== ?@H C6DF=E :? :?4C62D65 4:C4F>G6?E:@? @7 7656C2= =:>:ED @? :?5:G:5F2= 4@?EC:3FE:@?D E@ 42?5:52E6D] k2 9C67lQ9EEADi^^HHH]DFAC6>64@FCE]8@G^@A:?:@?D^adA57^ac\ea`09b`d]A57Qmx? 96C 5:DD6?Ek^2m[ yFDE:46 t=6?2 z282? 4@?E6?565 E92E E96 564:D:@? H:== @?=J 7FCE96C 4@?EC:3FE6 E@ “2 =682= C68:>6 :?4C62D:?8=J F?23=6 E@ DE@A A@=:E:42= 4@CCFAE:@?[ 2?5 E9FD E@ AC6D6CG6 @FC :?DE:EFE:@?D’ 56>@4C2E:4 =68:E:>24J]”k^Am
kAm$E:==[ ?@E 2== 6IA6CED D66 E@52J’D @FE4@>6 2D 2 42FD6 7@C 4@?46C?] }F>6C@FD D49@=2CD 92G6 42==65 7@C E96 k2 9C67lQ9EEADi^^HHH]2>6C:42?32C]@C8^8C@FAD^AF3=:40:?E6C6DE^6=64E:@?0=2H^2>6C:42?\56>@4C24J^@FC\H@C<^A@=:E:42=\C67@C>D\4@>32E\6IEC6>:D>^Qm3@=DE6C:?8 @7 A@=:E:42= A2CEJ A@H6Ck^2m :? =:89E @7 2? :?4C62D:?8=J A@=2C:K65 4@F?ECJ[ G:6H:?8 A2CE:6D 2D 2? 2?E:5@E6 E@ :56@=@8:42= 6IEC6>:D> 7F6=65 3J @FED:56\8C@FA DA6?5:?8] k2 9C67lQ9EEADi^^6=64E:@?=2H3=@8]@C8^nAl`dehhbQmu@C E9@D6 D49@=2CDk^2m[ A6C>:EE:?8 F?=:>:E65 4@@C5:?2E65 6IA6?5:EFC6D 3J A2CE:6D >2J 96=A E@ C62=:K6 E92E 8@2=]k^Am
kAm~?6 E9:?8 :D 46CE2:? 27E6C E96 }#$r G] utr 564:D:@?i !@=:E:42= A2CEJ DA6?5:?8 :D ?@H F?=62D965] !2CE:6D H:== =:<6=J A=2J 2 3:886C C@=6 :? 7FEFC6 6=64E:@?D E92? E96J 92G6 :? D@>6 E:>6] (96E96C E92E :D 8@@5 7@C p>6C:42? 56>@4C24J C6>2:?D E@ 36 D66?]k^Am
kAmk6>m%9:D 2CE:4=6 :D C6AF3=:D965 7C@> k2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^FDnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<\_U2>AjFE>04@?E6?El2CE:4=6\ag_eecQm%96 r@?G6CD2E:@?k^2m[ 2 ?@?AC@7:E[ :?56A6?56?E ?6HD @C82?:K2E:@? 3C:?8:?8 J@F 724ED 2?5 ECFDEH@CE9J 2?2=JD:D E@ 96=A J@F >2<6 D6?D6 @7 @FC 4@>A=6I H@C=5] xE H2D HC:EE6? 3Ji k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^AC@7:=6D^;@9?\;\>2CE:?\`d_dhfgnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ag_eecQmy@9? y] |2CE:?k^2m[ k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^BF:??:A:24\F?:G6CD:EJ\a_banFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ag_eecQm"F:??:A:24 &?:G6CD:EJk^2mk^6>mk^6>mk^Am
kAmkDEC@?8m#625 >@C6ik^DEC@?8mk^Am
kF=mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^d_\J62CD\28@\E96\DFAC6>6\4@FCE\3C@<6\42>A2:8?\7:?2?46\C68F=2E:@?\afchbhnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<_U2>AjFE>04@?E6?El2CE:4=6\ag_eecQmd_ J62CD 28@[ E96 $FAC6>6 r@FCE 3C@<6 42>A2:8? 7:?2?46 C68F=2E:@?k^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^H92E\5@6D\2\DE2E6D\D64C6E2CJ\@7\DE2E6\5@\>@DE\CF?\6=64E:@?D\2\@?46\C@FE:?6\;@3\724:?8\:?4C62D:?8\D4CFE:?J\aaaf_dnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<`U2>AjFE>04@?E6?El2CE:4=6\ag_eecQm(92E 5@6D 2 DE2E6’D D64C6E2CJ @7 DE2E6 5@n |@DE CF? 6=64E:@?D[ 2 @?46‑C@FE:?6 ;@3 724:?8 :?4C62D:?8 D4CFE:?Jk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^4:E:K6?D9:A\G@E:?8\C6BF:C6>6?E\:?\D2G6\2>6C:42\24E\92D\?@\32D:D\:?\E96\4@?DE:EFE:@?\2?5\:8?@C6D\AC64656?E\E92E\@?=J\DE2E6D\564:56\H9@\86ED\E@\G@E6\afdedgnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<aU2>AjFE>04@?E6?El2CE:4=6\ag_eecQmr:E:K6?D9:A G@E:?8 C6BF:C6>6?E :? $p't p>6C:42 p4E 92D ?@ 32D:D :? E96 r@?DE:EFE:@? – 2?5 :8?@C6D AC64656?E E92E @?=J DE2E6D 564:56 H9@ 86ED E@ G@E6k^2mk^=:mk^F=m
kA 4=2DDlQ7:?6\AC:?EQmk6>mkDA2?my@9? y] |2CE:? 5@6D ?@E H@C< 7@C[ 4@?DF=E[ @H? D92C6D :? @C C646:G6 7F?5:?8 7C@> 2?J 4@>A2?J @C @C82?:K2E:@? E92E H@F=5 36?67:E 7C@> E9:D 2CE:4=6[ 2?5 92D 5:D4=@D65 ?@ C6=6G2?E 277:=:2E:@?D 36J@?5 E96:C 24256>:4 2AA@:?E>6?E]k^DA2?mk^6>mk^Am
kAmk:>8 DC4lQ9EEADi^^4@F?E6C]E964@?G6CD2E:@?]4@>^4@?E6?E^ag_eec^4@F?E]8:7n5:DEC:3FE@Cl=66Q DEJ=6lQ96:89Ei`AIjH:5E9i`AIjQ 2=ElQQ ^mk^Am