Larry Lessig's approach is fundamentally misguided:
1. It increases complexity and discourages participation in the election system - campaign finance regulations are anti-free speech.
2. It treats the symptom, not the problem. The symptom is that people will spend a lot to get people important to them into office. The problem is that the government controls so much money and so many things, that it is in your best interest to try influence it so that 1. the money comes to you and 2. the laws and regulations favor you.
3. The centralization of power at the Federal level exacerbates this problem, since there is one main body that you are trying to influence instead of lots of smaller ones.
2. It treats the symptom, not the problem. The symptom is that people will spend a lot to get people important to them into office. The problem is that the government controls so much money and so many things, that it is in your best interest to try influence it so that 1. the money comes to you and 2. the laws and regulations favor you.
3. The centralization of power at the Federal level exacerbates this problem, since there is one main body that you are trying to influence instead of lots of smaller ones.