This bill (Senate File No. 1915) directs the Minnesota Campaign Finance and Public Disclosure Board to conduct a study on voluntary campaign spending limits. The board must analyze the number of candidates who participate in the state’s public subsidy program versus those who do not, along with historical trends over the past ten years. Additionally, the study must examine campaign spending by candidates and independent expenditures in races where candidates opt out of the public subsidy program. The bill also requires the board to research how other states set voluntary spending limits, including distinctions for highly contested races, inflation adjustments, and candidate participation rates over time. The board must submit a report with its findings and recommendations to the relevant legislative committees by January 15, 2026.