There's no shortage of funds in principle. After all, university libraries are already funding journals. They're just doing it in a ridiculously inefficient way -- buying subscriptions from commercial publishers, rather than funding the journals directly. The latter would end up being much cheaper on net, especially since the only significant expense (I gather) for online publication is the employment of an "editorial assistant" to take care of the administrative work. So in theory the decision for universities (collectively) to fund open-access journals seems like a no-brainer. The only question is how to bring this about. (I guess that's really two questions: what is the precise plan, and who has the power to implement it?)
The simplest option may be a piecemeal approach, whereby individual universities independently arrange to "adopt" -- and henceforth fund -- some prestigious journal. (Just as the University of Michigan funds the Philosophers' Imprint.) This won't solve everything, but every step helps.
(1) How difficulty would it be, in practice, to organize such an 'adoption'?
(2) Who, in each university, is in a position to authorize it? (Who should I be discussing this with?)
Alternatively: is there some appropriate academic body that can extract the requisite funding from its member libraries, and so solve the collective action problem in one fell swoop? (I assume we can't wait for Congress to fix this for us...) Any other ideas?
(N.B. A lot of philosophers share this ideal -- the 'Open Access Philosophy' Facebook group alone has over