The Federal Election Campaign Act of 1971, a political campaign reform measure, was enacted to limit campaign contributions and independent expenditures, to mandate disclosure of contributors, and to establish public financing of campaigns, all to minimize the opportunity for political corruption. Unfortunate implications of such reform on the exercise of free speech include the following: disclosure puts small controversial parties at a disadvantage, since its contributors must assume the risk of harassment; limitations on contribution or spending constitute prior restraint on the amount of political communication in which people can engage; in advertisements, independent contributors are forbidden to quote the candidate they support; partisan considerations in the Federal Election Commission could detrimentally influence third party funding and the timely release of funds to certain politicians; and campaign expenditure limits impair communication with voters. (DF)