I strongly suspect it would have the opposite effect. The people with the barest sashes will be self-funded and will therefore be the most wealthy individuals within the place. When people vote against their sponsers, they will not be seen as men or women of principle, but a "bad investment". people won't sponser them and they will simply lose their election because they won't be funded at all. this isn't just advertising politicians loyalities- it's enforcing them too by turning a legislative body into a marketplace. We have already got to a point where the democratic process has reduced voters to little more than consumers, political parties are brands, and politicians have to "market" themselves as attractive or "charismatic" personalities, high on rhetoric, low on substance. In any election, sensationalism gets more airtime than level headed discussions of policy. theatre sells, democracy doesn't. we'd rather believe politicians are corrupt than accept that, as consumers, we can't have everything we want. this is just a way to publicly humilate politicians and discipline them to enforce cynicism. we should demand more from our politicians than the ability to pick up a pay cheque.
you can put the logos on them, but that doesn't tell you what they actually believe. if anything it says "we couldn't care about you or your principles; just believe in the highest bidder."