Policy Watch: Congressional Campaign Finance Reform

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Abstract
While campaign finance reform attracts a lot of attention, it seems unlikely that such reform, at least in it current guise, will have a large impact on the functioning of the American political system. Recent studies have called into question the conventional wisdom that challenger campaign spending is especially effective, suggesting that attempts to close the gap between incumbent and challenger spending will have a smaller-than-expected impact on election outcomes. While it is safe to conclude that PACs wield some influence, it is not clear that limiting cash contributions will have a substantial effect.