Millions of dollars may be pumped into the 2010 campaign from companies with stakes in congressional action after a US Supreme Court decision striking down federal restrictions on corporate political spending.

Among entities now able to spend unlimited amounts to help elect or defeat federal candidates are insurers affected by pending health-care legislation, such as Indianapolis-based Wellpoint Inc., and banks targeted by President Barack Obama’s proposal Thursday to curb risk taking, such as New York-based JPMorgan Chase & Co.

Yesterday’s 5-4 ruling reverses a century’s worth of federal legislation and court decisions limiting the influence of corporate money in politics. Labor unions such as the Service Employees International Union, which supports legislation that would make it easier to organize workers, can also open their treasuries now.

Benjamin Ginsberg, a partner at Patton Boggs LLP in Washington and former counsel to President George W. Bush’s 2000 and 2004 campaigns, said, “The decision drastically alters the landscape for candidates and political parties. We can expect much more spending, a virtual cascade of spending, by outside groups.”

(article source: Bloomberg, photo source: Civil Rights and Wrongs)