Is a low-budget online video that names political candidates, states campaign issues and includes language that could sway opinion in an election, a political advertisement subject to donor disclosure laws, or is it an expression of free speech protected by the First Amendment? That depends on who you ask. If it aims to influence federal elections, it should be subject to federal regulation, Paul S. Ryan, senior counsel for the Washington, D.C.-based Campaign Legal Center told NewsHour correspondent Kwame Holman in a recent interview about campaign ad financing, non-profits and the 2012 elections. In the first presidential election since the U.S. Supreme Court ruled that the First Amendment protects the right of corporations, unions and non-profits to spend unlimited dollars on content that expresses their political views, a whole new landscape in campaign ad financing is emerging. In addition to emergence of advertisements from super PACs, groups that can spend unlimited dollars on campaign messaging, more groups have been asking the Federal Election Commission for permission not to disclose their donors, Ryan said.