Abstract
The United States has developed a hybrid system of campaign finance regulation, with rules custom-crafted for different political situations and with unanticipated loopholes that need plugging. The largest loophole is soft money. The public financing systems enacted for presidential contests and for New Jersey's and Michigan's gubernatorial elections cannot easily be adapted to cover the various kinds of congressional elections. Although our current system is complex and has some obvious defects, it is generally defensible.
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