Bruce Ackerman and Ian Ayres propose some new ideas for Campaign Finance Reform

This piece was framed as a response to Michael Bloomberg's potential self-financed campaign for President. I find it more salient as a response to the SC campaign finance decision, over-ruling McConnell sotto voce

Slate Magazine: By Bruce Ackerman and Ian Ayres
Down With Plutocrats and Fat Cat Donors
Give the rest of us money to spend on campaign contributions.


The Supreme Court says that Bloomberg has a constitutional right to spend unlimited money out of his own pocket, but there is a perfectly practical reform that would allow ordinary citizens to strike back. Give every voter a special credit card account containing $25 that they can spend at any time during presidential election campaigns. Voters could use these cards at local ATMs whenever they liked to send their "Patriot Dollars" to the candidate they favor for president.

If 2008 is like 2004, about 120 million Americans will go to the polls. If they could also go to their ATMs, they would contribute $3 billion in federal funds to qualifying candidates. Bloomberg would be free to compete for these funds if he agreed to keep his personal spending to a modest amount within the range of mere mortals—say, $50,000, a limit already upheld by the Supreme Court. But if the New York City mayor insisted on spending his own billions, he could be constitutionally barred from the patriot market—leaving his rivals free to campaign for the financial support of their fellow citizens. Whichever option Bloomberg chose, he could not crush ordinary candidates with his overwhelming wealth. Indeed, the very existence of Patriot Dollars will force plutocrats to think twice before trying to buy their way to the presidency. ...

Patriot Dollars would mark a decisive advance over the existing system of federal funding initiated in the aftermath of Watergate. Congress then tried to break the domination of big money by offering presidential candidates a federal subsidy if they limited their private fund raising. ... While the Watergate system remains on the books, it is irrelevant in practice. Indeed, the leading candidates have already made it clear that they will also refuse federal money and rely exclusively on private financing in the general election.

A citizens' fund for campaign contributions would also democratize money-raising for primary elections, which at present gives too much power to a small number of big givers. ...

In contrast, our initiative transforms campaign finance into a vehicle for active citizenship. Voters are invited to send their $25 to the candidate of their choice at the time when it really counts. Since the system puts ordinary citizens at center stage, they will give broad support for a plan that can finally allow them to take control of campaign finance away from big givers. Their Patriot Dollars will overwhelm the $1 billion that the current crop of candidates are expected to raise during this entire campaign cycle (assuming Bloomberg stays out). ...

The plan won't solve all our problems. It would still allow candidates to raise large sums from special interests under the McCain-Feingold rules. But it represents a practical and constitutional response to the increasing dominance of big money. $3 billion is a small price for democratizing presidential politics.