The Supreme Court has issued a new landmark ruling on campaign finance laws that could have a major impact on the midterm elections. Wednesday, the Court ruled 5-4 to reject a current law that limits how much money overall individuals can donate to candidates, political parties and political action committees. Previously, the limit was set at $123,200. Now, wealthy donors can give to candidates across the board without worrying about hitting the cap.

Supporters of the law say it will create more transparency by diverting money away from political action committees. Sen. John Cornyn., who supported the change, said in an interview with Capital Tonight’s Paul Brown that the ruling is consistent with free speech. We asked Senator Cornyn if he would be in favor of lifting all limits, even for individual candidates, a suggestion by Justice Clarence Thomas.

“I think, honestly, it’s probably better regulated by the marketplace. We see that happening in Texas in the governor’s race, without any dollar limitation on contribution. And then that could be part of the campaign where people look who’s contributing money, they can ask why, what their motive is and that can be decided by the voters in the election.”

Detractors — including the president — say it makes money play an even bigger role in the election process. Again, the ruling only overturns the overall cap; it does not overturn the limit on donations to individual candidates. That cap is still set at $2,600 per election to candidates for president or Congress.