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Campaign finance reform is a significant area of policy in the modern political debate, and many governments are experimenting with different approaches to it. This paper examines a decentralized public financing program created in Seattle, WA in 2015 called Democracy Vouchers. The program intends to provide public funds to citizens in order to help enhance the voice of marginalized communities and to level the playing field in local politics. The municipal elections in 2017 and 2019 were the first test of the new system, against which this paper tests the hypotheses of the proponents and opponents of the 2015 initiative. The elections demonstrated that the vouchers did effectively elevate the ability of more marginalized communities to provide economic support to favored candidates (as proponents expected) but that vouchers’ ability to enhance the electoral success of favored candidates is less clear and shows some sign of being susceptible to interest group capture (as opponents expected).