In March 2009, Sens. Dick Durbin (D-Ill.) and Arlen Specter (R-Pa.) introduced the Fair Elections Now Act (S. 752), legislation that would bring full public financing of elections to the Senate. A similar bill sponsored by Reps. John Larson (D-Conn.) and Walter Jones, Jr. (R-N.C.) was also introduced in the House (H.R. 1826).

The legislation is modeled on the successful public financing systems in place in seven states and two cities. Under these programs, candidates who give up all private donations receive full public funding for their campaigns once they reach a threshold amount in small contributions. The federal proposal allows candidates to raise additional funds via a four to one match on contributions limited to $100.