The body of regulations governing American political campaigns is the equivalent of a dam holding back the rushing waters of a powerful river. The river itself – the ever-increasing torrent of money flowing into the campaign coffers of the presidential candidates – is fed by numerous tributaries. Money flows from individuals, political action committees, lobbyists, special interest groups, non-profit organizations, and the candidates' personal bank accounts.

The dam is designed to regulate the money flow but water still leaks through numerous openings – some legal, some outlawed, some merely questionable. Advocates of campaign finance reform argue that the dam must be reinforced – perhaps completely rebuilt – if the basic principles of American democracy are to be protected and preserved. Reform resistors believe the dam damages the democratic process by inhibiting the free flow of public discourse and placing unconstitutional limits on citizens' rights of free expression.

This research presents a critical analysis of the issues and opinions surrounding efforts to reform the laws governing the financing of American presidential campaigns. The work includes an overview of the history of campaign finance reform and an explanation of how the laws are interpreted, enforced, and evaded. Special attention is given to the role played by the United States Supreme Court in balancing the constitutional issues presented by those reforms. The research will support the position that the Supreme Court's rulings in the landmark Buckley v. Valeo case are an impediment to the reforms needed to ensure the integrity of the electoral process and protect the rights of all citizens to equitable access to the political process.

A series of recommendations for improving the structure and implementation of campaign finance regulations will be presented. The research concludes with an innovative proposal to reform the basic foundations of presidential campaign finance in a manner that restores the integrity of the democratic system without infringing on the free speech rights that are the essence of American democracy.