Campaign finance reform advocates suffered another major blow in the U.S. Supreme Court on Monday when a narrow majority rejected Arizona’s public financing system for state elections.

In two consolidated cases — Arizona Free Enterprise Club v. Bennett and McComish v. Bennett — a 5-4 court, led by Chief Justice John Roberts Jr., held that the state’s matching funds scheme violates the First Amendment because it “substantially burdens” political speech not only by privately financed candidates but also by independent expenditure groups.

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