It may be an urban legend that Warren Buffet actually suggested this ammendment, BUT, looking at the list of stipulations, it makes very good sense!
In his excellent book, First Democracy: The Challenge of an Ancient Idea, Paul woodruff outlines the stipulations and restrictions placed on the elected officials of Athens. And the consequences that ensued when and if they ever fell short or lapsed into any hanky-panky.
Athenian Democracy had a lot of flaws. For example, only men had the vote or a say in the deliberations, but there were men at the time who criticized this, saying that Athens was wasting half of its intellectual power by excluding women.
Athenian Democracy did not fail. It worked very well for over 300 years, and came to an end when Athens was invaded and conquored by Philip of Macedonea.
In the final chapter in First Democracy, Woodruff asks the question, "Is America Ready for Democracy?" Good question!
No matter where this list came from, Warren Buffet or not, urban legend or not, it wouldn't hurt at all to give this serious consideration.