New Op-ed on Campaign Finance Regulations at FoxNews.com

Campaign finance regulations have wrecked havoc on the American election system, entrenching incumbents and reducing voter turnout. But the worst may be yet to come in 2008. If news reports last week are correct, New York Mayor Mike Bloomberg is planning on spending $1 billion to win the presidency. He would vastly outspend Republican and Democratic nominees, even if they forego public financing.

Campaign finance laws have resulted in lots of millionaires getting elected to office. Wealthy individuals, who can only give $2,000 to someone else who is running for office, face no donation limits to their own campaign.

For example, Steve Forbes wanted to donate to Jack Kemp's presidential campaign and if Forbes could have donated what he wanted, Kemp may have run for president. But he couldn’t, so he ran himself. . . .,