The effectiveness of Section 315 of the Communications Act of 1934 and its 1959 amendments, which allows "equal broadcast time" to opposing political candidates, is assessed in terms of insuring the public's right to know and of the broadcasters' claim to First Amendment protection. Questions regarding the regulation's structure and purpose are outlined as a means for determining the policy agenda for the future on this particular issue. A historical perspective is used in tracing the evolution of Section 315 and the reactions by lawyers and broadcasters to changes in it. In addition, arguments favoring its repeal and those favoring its maintenance are evaluated. The paper concludes that in light of the ineffectiveness of the regulation in accomplishing what it was designed to do, it should be abolished. (Author/HTH)