To amend the Federal Election Campaign Act to reduce the influence of multicandidate political committees in elections for Federal office, and for other purposes.

Amends the Federal Election Campaign Act of 1971 to: (1) increase from $1,000 to $2,000 the amount a person may contribute to a candidate and his authorized political committees for an election for Federal office; and (2) decrease from $5,000 to $2,000 the amount a multicandidate political committee may contribute to a candidate and the candidate's political committees.

Prohibits a candidate for Federal office from accepting contributions from multicandidate political committees once the sum of all contributions from such committees exceeds 30 percent of the total contributions to such candidate.

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 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.

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).