05/03/2010 05:12 am ET Updated May 25, 2011

Bayh Endorses Public Financing For Campaigns As Retirement Nears

When Sen. Evan Bayh (D-Ind.) announced his pending retirement from Congress last month, he cited the power of moneyed interests over the legislative process, among other things, as a compelling reason to exit.

Now, on one important measure, he's backing up his words with action. The Indiana Democrat on Wednesday became the latest senator to sign on as a co-sponsor the Fair Elections Now Act, which would set up a public-financing system for national campaigns.

Bayh joins eight other senators -- all either progressive Democrats or those up for election in 2010 -- in signing on to the bill. The measure has far broader support in the House and has gained considerable momentum since the Supreme Court ruled that corporations could make unlimited expenditures in a federal campaign.