Popular election is essential for democracy and, more often than not, is hastily treated as the equivalent of democracy. The presence of elections, nonetheless, is far from sufficient for a democratic regime, which, among other things, also requires the integrity and fairness of the process of election. The United States of America was one of the forerunners of democracy, and claims to have exported democracy. Her electoral process, however, has been filled with scandals, and the cost of campaigns has broken previous records in the recent national elections with, it seems safe to say, nowhere to stop. As has been argued, campaign finance reform is necessary to rejuvenate American democracy.Explicating the issue of campaign finance in terms of political thought, in the following discussion, I intend to, first, review briefly the history of American election campaign regulation and, in particular, examine the debates involved and implicated in the case of Buckley v. Valeo. Then, drawing on the ideas of both John Rawls and Ronald Dworkin, I argue that it is legitimate and tenable to regulate campaign finance by appealing to the principle of equality. In conclusion, while acknowledging the significance of freedom of speech and of association, I point out that the virtues of integrity and fairness in the political arena are also indispensable for a healthy and enduring democracy.