The issue with this and any proposal is that the people making the decision have no incentive to make it. Politicians limiting their own fundraising, establishing term limits, eliminating gerrymandering, etc. - it goes against their interests.

It's up to us to vote in people who would do this, but as pointed out, it's become difficult to do so in one election for one candidate, let alone the hundreds over the span of several years necessary to get people in place to actually make something positive happen.