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See prong #4 of the "Change Congress" plan here:
http://change-congress.org/about
From what I've heard from Lessig about his change congress movement, he believes that politicians do not want to be corrupted, but are good people who find themselves in a system where corruption is necessary to keep the job. I agree that willful corruption will always find loopholes. The point of the movement, as I see it, is to create more distance between decision making and campaign financing. If politicians can opt into creating that distance, they have a concrete way to show that they are good people in a bad system.
Since you work for the ACLU, it's worth noting in particular that the ACLU sided with the plaintiffs in challenging the constitutionality of McCain-Feingold. They argued, correctly in my view, that restricting third parties like the ACLU from spending money on political advocacy was a violation of the First Amendment. This is important because a system of public financing will only have the desired effects if it's coupled with a system of legal restrictions on third party expenditures on political advocacy.
Which isn't to say that Lessig's project is a bad one. Certainly, a politician's promise to abstain from earmarks and PAC money and support greater transparency would make me marginally more likely to support that candidate. But these are incremental reforms, and I suspect they won't have anywhere near the impact Lessig seems to imagine.
The political system is very complex and there will always be ways for money to influence politicians, but that only strengthens Lessig's conclusion. Since the problem can't be solved completely, you might as well try a step-by-step approach trying to reach some "acceptable equilibrium".
While corruption exists everywhere, there are different levels in different places and it depends a lot on the moral norms concerning what passes as corruption in each place. These norms, in turn, are greatly affected by the level of corruption currently in place. So reducing corruption even by a small amount, as Lessig proposes, might actually change the norms and induce further reductions.
In such a complex system it's wiser to think up small changes, implement them, gauge their success and use that to plan ahead. Designing some over-arching solution is bound to fail, both because it's too hard to implement and because it's impossible to actually predict what its effects will be.