Federal Campaign Reform Act of 1988

Federal Campaign Reform Act of 1988 - Amends the Federal Election Campaign Act of 1971 to prohibit multicandidate political committees from making contributions to: (1) any candidate and the candidate's political committee; (2) the political committees established and maintained by a national party, which are not the authorized political committees of any candidate; or (3) any other political committee.

Authorizes the Federal Election Commission to conduct random audits of separate segregated funds and nonparty multicandidate political committees.

Requires corporations, labor organizations, and each national committee of a political party to file a report with the Commission if such entities have engaged in any otherwise exempt activity during the period for which the report is filed. Describes "otherwise exempt activities" as those activities which are exempt from disclosure requirements and which include any act of furnishing or making available services, payments, or other benefits excluded from the definition of contribution or expenditure.

Declares that any nonprofit corporation receiving reduced postal rates which uses the mails to engage in any otherwise exempt activity during the 90-day period prior to a general or special election shall be subject to a civil penalty.

Establishes reporting requirements for persons making independent expenditures in U.S. Senate elections totaling more than $10,000, and thereafter each time such persons make independent expenditures totaling more than $5,000. Subjects to such reporting requirements the exempt activities of corporations and labor organizations.

Sets forth disclosure requirements for independent expenditures through broadcast communications on any radio or television station.

Provides that an expenditure is not an independent expenditure where the person making an expenditure is in coordination, consultation, or concert with a candidate.

Requires a candidate, within 15 days of qualifying for a primary election ballot, to file with the Commission and each other qualifying candidate a declaration stating whether or not such candidate intends to expend funds and incur personal loans for the primary and general election in the aggregate of $250,000 or more from the following sources: (1) personal funds; (2) family funds; and (3) personal loans incurred in connection with the campaign for office. Allows the opponents of such candidate to accept larger contribution amounts from individuals.

Requires a candidate who files a declaration of intent not to expend more than $250,000 and who subsequently does exceed such amount to file an amended declaration within 24 hours after exceeding such amount.

Allows a candidate to repay a personal loan in connection with the candidate's campaign from contributions made to such candidate or any authorized committee of such candidate. Prohibits the repayment of any interest on the principal amount of such loan.

Prohibits a candidate from making expenditures from personal funds or family funds or from incurring personal loans in connection with the election campaign at any time within 60 days before such election.

Prohibits a candidate who makes expenditures from personal funds or family funds to the candidate's campaign committee, or makes a loan from such funds to such committee, from using any other contributions after the election to repay such expenditure or loan.

Provides for the accountability of contributions made by intermediaries or conduits to political action committees.

Requires that solicited or accepted contributions made through a check or money order be made payable to a specific payee by the original drawer of the check or money order when such amounts will be combined and contributed to a candidate for Federal office.

Requires semiannual reports by a party political committee with respect to payments to such committee to defray establishment, administration, and solicitation costs.

Requires the national committee of a political party to include in specified reports all funds received and disbursements made for purposes other than to influence a Federal election (soft money).

Expresses the sense of the Congress that there should be established a bipartisan commission on campaign financing to develop a means of campaign financing which: (1) promotes the availability of qualified candidates for congressional office; (2) permits candidates, irrespective of their personal financial resources, the opportunity to communicate effectively with the electorate; (3) protects the integrity of the legislative process; (4) promotes participation of political parties in the electoral and legislative process; and (5) promotes public confidence in both the electoral and legislative processes. Declares that such commission should consider and study Federal laws and regulations and public commentary relating to financing congressional election campaigns.