Story highlights 26 countries have compulsory voting; some countries can enact a fine

Less than 37% of eligible voters took part in the 2014 midterm elections

(CNN) The president whose major policy achievement is mandatory health insurance thinks maybe voting should be mandatory, too.

Asked how to offset the influence of big money in politics, President Barack Obama suggested it's time to make voting a requirement.

"Other countries have mandatory voting," Obama said Wednesday in Cleveland, where he spoke about the importance of middle class economics, and was asked about the issue during a town hall.

"It would be transformative if everybody voted -- that would counteract money more than anything," he said, adding it was the first time he had shared the idea publicly.

The clout of millionaires and billionaires in campaign funding has been enormous, and many claim the uber wealthy have undue leverage in politics.

Read More