Illinois's senior Senator, Dick Durbin--the number-two Democrat in the Senate--has introduced the first bipartisan bill to publicly finance federal races, modeled after successful "clean election" laws at the state and local levels. Durbin's bill won't stop the presidential money chase. But it would transform the way Congressional races are fought and won, laying down the most significant campaign finance reforms to date. Obama has signed on as a co-sponsor, calling the bill "a very intelligent approach."
The proposal is quite simple: If Congressional candidates raise enough $5 donations to prove they are viable and competitive (that number is 11,500 in Durbin's home state, according to a formula in the bill), they can qualify for public funds in the primary and general election. The need to spend hours cold-calling rich donors and shmoozing with lobbyists and CEOs at closed-door fundraisers would drastically diminish. Durbin knows this world well. As a top Democrat, he has to collect money for his colleagues as well as for his own re-election race in '08. "I can't tell you how much time we spend fundraising," he says. "People would be surprised, if not shocked," if they knew.