Sen. Susan Collins is one of a number of lawmakers trying to improve the presidential campaign funding system, which has been in place since the Watergate scandal.

The “Presidential Funding Act of 2007” proposes a system that would use public funds.

Presidential candidates Barack Obama, D-Ill.; Hillary Clinton, D-N.Y.; Joe Biden, D-Del. and Chris Dodd, D-Conn. are sponsoring the bill, along with nine other lawmakers.

“Current estimates are that the 2008 contest for the presidency of the United States will cost more than one billion dollars.  As a result of these skyrocketing costs, candidates are going to be spending more time holding exclusive, high-dollar fund-raisers than meeting the voters and discussing the issues,” Collins said in a statement. “Clearly, the system is flawed.”

According to the press release, The Presidential Funding Act of 2007 would:

-Increase the amount of matching funds for presidential primaries, up to a 5:1 ratio if the candidate stays in the race after Apr. 1.

-In the primaries, eliminate state-by-state spending limits, and double the overall spending limit.

-In the general election, increase the spending limit from $75 million to $100 million.

-Tighten the qualifications for receiving public funds by requiring candidates to raise $25,000 in each of 20 states, up from $5,000, and commit to public financing in both the primary and general elections.

-Move up the starting date for payment of matching funds to six months before the first primary or caucus, and establish a single date for payments to the major party nominees.

-Requiring all campaigns to disclose all individuals and groups with total contributions of more than $50,000 in the election cycle.

Collins said the proposed system would eliminate special interest money from campaigns.

The current system, put in place in 1976, does allow for public funds for candidates in both the primary and the general elections. Many candidates opt out of it, however, because the money they could raise privately far exceeded the spending limits that came with public funds.

Candidates for the 2008 election have also declined public funding, according to a press release from Collins’ office.

The bill, if enacted, would apply to the 2012 presidential election.