The Supreme Court loosened McCain-Feingold restrictions on corporate- and union-funded TV ads airing close to an election, the AP is reporting.

Mitt Romney's camp is all over it, sending out an email just moments after the decision was announced:

Score one for free speech. Today the Supreme Court reaffirmed the First Amendment by rejecting a key feature of McCain-Feingold. The law trampled the basic right of the American people to participate in their democracy. It also purported to reduce the influence of money in politics, but we now know that influence is greater than ever. McCain-Feingold was a poorly-crafted bill. Today's decision restores, in part, to the American people a right critical to their freedom of political participation and expression.

Nothing yet from the McCain campaign, but the interesting reaction could come from Fred Thompson, who supported McCain-Feingold as a senator. Thompson has hedged that decision recently, saying essentially that the law did not work as intended. The Court's 5-4 ruling, however, is narrow enough that perhaps Thompson could support it, while not appearing to look like he's flipped entirely on campaign-finance reform.

TOM ADDS: McCain issued the following statement , which I pass along without comment:

"While I respect their decision in this matter, it is regrettable that a split Supreme Court has carved out a narrow exception by which some corporate and labor expenditures can be used to target a federal candidate in the days and weeks before an election.

"It is important to recognize, however, that the Court's decision does not affect the principal provision of the Bipartisan Campaign Reform Act, which bans federal officeholders from soliciting soft money contributions for their parties to spend on their campaigns.

"I am grateful to the Bush Administration and all those lawmakers, both past and present, who have joined us in our efforts to put an end to the corruption bred by soft money. Fortunately, that central reform still stands as the law."