In an interview with the Rev. Al Sharpton on MSNBC, Gingrich -- who was a candidate this year for the Republican presidential nomination -- said the result of limiting donations is that elections are "rigged, frankly, in favor of the wealthy," Politico reported.
"If you look at New York where Mayor (Michael) Bloomberg spent an extraordinary amount of personal money to buy the mayor's office for the third time. It is fairly hard to compete with a billionaire if -- if they get to spend all the money they want and the middle-class candidate's raising money in $2,500 units," Gingrich said.
Gingrich recommended individuals be allowed to donate as much of their after-tax income as they wish to any candidate. But he said all donations should be reported on the Internet the day they are made.
Although he has effectively ended his campaign for the White House, Gingrich has not formally withdrawn from the race.
2014: NFL Cheerleaders [PHOTOS]
Autopsy backs Ferguson cop as critics rip leak