Campaign finance reform has significant implications for political equality by attempting to level the playing field in electoral competitions. High campaign costs often favor wealthier candidates or those with access to powerful donors, undermining equitable representation. Broad reforms can enhance transparency, limiting the influence of money in politics. By implementing stricter regulations on political contributions and expenditures, the aim is to diminish disparities in political power, allowing candidates from various socio-economic backgrounds a fair chance in elections, thus promoting a more democratic system.