Abstract
This article argues that the campaign finance system has deteriorated under the Bipartisan Campaign Reform Act (BCRA). The system retains the vices of the former regime while jettisoning its virtues. Although successful at banning national party soft money, achieving this narrow goal has come at high cost. Significant problems remain or worsen including the time politicians spend fundraising, the unfair distribution of campaign money, and arrangements that weaken political parties and empower interest groups. Critically, public trust in the system has not changed at all since passage of BCRA. The essay closes by offering modest suggestions to improve the state of affairs.
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