In such an environment, we will likely suffer through future Congressional hearings attempting to untangle relationships between official political campaigns and activities sponsored by independent organizations. Public financing of political campaigns, even it involves voluntary agreements to limit fund raising and spending will not solve the problem. Setting aside the question of independent expenditures, equal spending in public financing campaigns increases the value of incumbency. Incumbents and well-know candidates retain the advantage of name recognition. Publicly-financed campaigns limit real political choices.
Effective reform is simple.
Allow unlimited domestic contributions and spending by political campaigns. However, make all donations identifiable and immediately public. Both the press and the opposing political parties are free to point out and make an issue of the sources of campaign funds. If the public is uncomfortable with a candidate's political contributors, they can consider this in their vote. In a free society ruled by the consent of the governed, we ultimately must depend on the discernment and good sense of the public to choose our leaders.