Professor Keller puts the recent federal campaign finance reforms into historical perspective, referring to efforts by Congress to regulate money in politics for more than a century. While the United States has assembled an impressive regulatory system over the years, he wonders whether Congress has gone too far with “McCain- Feingold.” His chief concerns are that the new law fails to identify adequately the problems it intends to solve, and will weaken an already shaky party system. He also wonders whether it is realistic or wise to regulate activities that touch so closely on 1st Amendment rights.