Some people are a bit cynical about this, especially since Bill Clinton is thought to have illegally participated in the creation and placement of campaign ads using soft money. So the first thing that we ought to look at is existing law. Now that the corrupt Janet Reno Justice Department is gone, that becomes possible, if not likely. Another thing we ought to do is require full disclosure.
Government likes to operate in the dark.
However, when the light of disclosure shines, the opportunity for mischief is diminished. The Internet is a perfect venue to list every campaign contribution. Then, there's the old freedom versus bribery conundrum. On one hand, if the people can't give money to parties or candidates whose issues they support, they've lost the freedom to participate in the political system. Few people believe the Marc Rich pardon wasn't a payback from President Clinton.