With all due deference to separation of powers, last week the Supreme Court reversed a century of law that I believe will open the floodgates for special interests –- including foreign corporations –- to spend without limit in our elections. (Applause.) I don't think American elections should be bankrolled by America's most powerful interests, or worse, by foreign entities. (Applause.) They should be decided by the American people. And I'd urge Democrats and Republicans to pass a bill that helps to correct some of these problems.
[T]he legal experts we spoke to after Obama's radio address said that the president was overstating the immediate impact of the opinion. They said Obama was correct that the ruling could open the door to foreign companies spending on American campaigns, given the general direction of the majority's opinion. But because the majority justices didn't actually strike down the existing barriers on foreign companies -- in fact, they explicitly wrote that it fell beyond the boundaries of their decision -- our experts agreed that Obama erred by suggesting that the issue is settled law.