Fair Campaign Act of 1991

Fair Campaign Act of 1991 - Amends the Federal Election Campaign Act of 1971 (FEC) to reduce from $5,000 to $1,000 the total contributions which may be made in any one calendar year by multicandidate political committees to any Federal office candidate and his or her authorized campaign committees.

Mandates that the statement of organization of a principal campaign committee for a candidate who desires to be a qualifying House of Representatives candidate include a declaration of intention to receive reduced postal rates.

Prohibits a qualifying House of Representatives candidate from making expenditures in excess of $300,000 for general (or special) and related primary elections.

Establishes the Fair Campaign Practices Commission under the Federal Election Commission (FEC) to: (1) develop a code of fair campaign practices; (2) monitor its enforcement; and (3) issue subpoenas for the production of evidence and testimony relating to any matter under investigation.

Amends Federal law relating to election materials' postal rates to reduce the rates for qualifying House of Representatives candidates.

Amends the Federal Election Campaign Act of 1971 to prohibit labor organizations from using dues or agency fees for political purposes without the individual employee's prior written approval.

Requires corporations or labor organizations to report to the FEC: (1) all Federal election-related communications to stockholders, personnel, or members; and (2) any payments related to any election for Federal office in the same manner as contributions or expenditures are reported by a principal campaign committee of a candidate for either House of the Congress.

Declares that any payment made by a national or State committee of a political party for a mixed political activity is subject to the limitation and reporting requirements of this Act as if such payment were an expenditure, and may only be paid from an account subject to the requirements of this Act.

Requires the independent expenditure statements of any individual to include: (1) a certification that expenditures are from the individuals personal funds; and (2) the name and address of the financial institution on which a check is drawn.

Prohibits the States from making any contribution or expenditure with respect to an election for Federal office (or acting as an intermediary or conduit with respect to such contribution).

Mandates that the receipts and disbursements reports of political committees include the terms of any settlement, security, or collateral agreement entered into with respect to a loan or other debt. Modifies the definition of "contribution" to include any manner of money or anything of value made by any person for the purpose of drafting or encouraging a clearly identified individual to become a candidate for Federal office. States that such contributions will be treated as candidate contributions whether or not the individual becomes a candidate.

Requires unauthorized communications relating to the election or defeat of a clearly identified candidate to disclose clearly the name of the person paying for the communication and the unauthorized nature of the communication.

Requires the FEC to prescribe procedures by which a House of Representatives candidate may certify his or her irrevocable intention to limit personal and immediate family campaign expenditures to $100,000. States that if no certification is made, or if it is violated, then no reciprocal expenditure limitations shall apply to competing candidates.