In a sign that the Supreme Court is seriously considering overturning one of the underpinnings of modern campaign finance rules, Chief Justice John Roberts on Monday announced that justices would rehear a case challenging restrictions on corporate-funded campaign ads. The result of the argument, which is scheduled for September 9, could reshape the way American political campaigns are waged on the precipice of the 2010 midterm and the 2012 presidential elections. ‘That would be a sea change in federal and state campaign finance, said former Federal Election Commission Chairman Michael Toner. ‘The stakes will be enormous. And this will have a direct bearing on the 2010 midterm elections and the 2012 presidential elections. Monday’s developments also increase the impetus for the White House and congressional Democrats, who generally favor restrictions on corporate cash, to move quickly to confirm Supreme Court nominee Sonia Sotomayor, who has a long history of supporting stricter money-in-politics rules. The case in question,Citizens United v. FEC, deals with whether federal election laws should have applied to a 90-minute film released during last year’s presidential election lambasting then-New York Sen. Hillary Clinton, who was seeking the Democratic presidential nomination. Lower courts ruled […]