The Public's Right To Know Versus Compelled Speech: What Does Social Science Research Tell Us About The Benefits And Costs Of Campaign Finance Disclosure In Non-Candidate Elections?

We review the arguments and evidence for compelled financial disclosure by groups engaged in grassroots issue advocacy or active in ballot measures elections. There is no anti-corruption rationale for disclosure requirements, since these activities do not directly affect candidates for elective office. That leaves only an informational rationale for disclosure in non-candidate contexts. However, there is little evidence that the public utilizes information disclosed by such regulations, or even that disclosure adds to the stock of more readily available and salient information. In contrast, a growing literature documents that there are non-trivial costs of compliance to these regulations, especially for newer or informal citizen coalitions. We conclude with a discussion of the lessons from the social science literature for practical reforms.