Next week, the campaign-finance gala ball kicks off on the floor of the Senate with debate on the so-called McCain-Feingold bill. This is America's best opportunity in a decade to change its system of money politics. If the bill were passed, it would be the first big revision to campaign-finance legislation since the current rules were enacted in 1974. Supporters of reform sometimes claim anything would be better than the current system. Well, perhaps. The immediate threat is that the bill will be amended into incoherence. But the worry remains that the bill presents the wrong approach for long-term reform.
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