Long-shot constitutional amendment to restrict campaign financing introduced

American elections have always been dominated by moneyed interests. For instance, during America’s last Gilded Age, in the presidential election of 1896, William McKinley, the Republican candidate, outspent his Democratic challenger by $3.5 million (roughly $140 million in today's dollars) to $400,000 (approximately $16 million today). McKinley went on to win the election with the help of robber baron J.P. Morgan and monopoly Standard Oil. As the example shows, powerful special interests have often translated their vast economic power into political influence. But recent court decisions threaten to permanently entrench the financial imbalance between the Republican and Democratic parties.

In this light, the Republican National Committee’s (RNC) decision to transfer more than $50 million to beleaguered congressional campaigns across the country must be judged. The impact of this massive infusion of cash into the otherwise struggling Senate campaigns cannot be overemphasized. On the other side, the Democratic National Committee (DNC) cannot match the GOP’s deep pockets filled by the likes of Elon Musk. The Republicans, even before this deluge of special interest money, enjoyed financial advantages. The money is coming at a particularly pivotal moment in the campaign as Republicans find themselves electorally underwater due to Trump’s unpopularity.