Campaign Finance System Reform Act

Campaign Finance System Reform Act - Title I: Control of House of Representatives Campaign Spending - Amends the Federal Election Campaign Act of 1971 (FECA) to prohibit House of Representatives candidates from accepting contributions from: (1) multicandidate political committees and other sources except individuals; or (2) persons other than individual residents of the candidate's congressional district.

Adds new FECA title V, Expenditure Limitations and Contribution Limitations For Eligible House of Representatives Candidates. Prohibits eligible House candidates from: (1) making expenditures in an election cycle that total more than $600,000, of which not more than $500,000 may be expended in the general election period; or (2) accepting contributions in an election cycle that total more than $600,000. Exempts from such limitations certain legal and accounting costs and taxes. Sets forth special rules governing: (1) expenditures in runoff, special, and closely contested primary elections and expenditures for fundraising activities; and (2) contribution in runoff elections, transfers of contributions to later election cycles, and contributions from the personal funds of the candidate. Provides that the limitations imposed above on eligible House candidates shall not apply in cases where the other candidate: (1) is not an eligible House candidate; and (2) makes expenditures in excess of 80 percent of the general election period limitation or receives contributions in excess of 50 percent of such limitation. Imposes certain reporting requirements on such non-eligible House candidates.

Title II: Provisions Relating To Soft Money Of Political Parties - Amends FECA to limit the amount of contributions individuals and multicandidate political committees may make each year to political committees established and maintained by a State committee of a political party (political party committees). Increases the overall limit on individual contributions (but not by more than $5,000) by the amount of contributions made by an individual during the year to poltical party committees.

Limits the amount of expenditures which a State party committee may make in connection with the general election campaign of a candidate for President affiliated with such party.

Modifies contribution and expenditure exceptions.

Subjects to FECA reporting requirements any amount received or expended by party committees (including "soft money") with respect to an election for Federal office.

Provides that a national party committee may not solicit or accept contributions not subject to the limitations, prohibitions, and reporting requirements under FECA, except with respect to contributions that are to be: (1) transferred to a State party committee for use directly for specified activities treated by this Act as not in connection with an election for Federal office; or (2) used by the committee primarily to support such activities.

Limits the amount of expenditures national, State, and local party committees may make each year for specified activities treated by this Act as in connection with an election for Federal office.

Sets forth limitations on fundraising activities of Federal candidates and officeholders and certain political committees.

Requires national party committees and congressional campaign committees to report all receipts and disbursements during certain periods whether or not they are connected to an election for Federal office.

Title III: Independent Expenditures - Amends FECA to revise the definitions of independent expenditure and contribution.

Title IV: Miscellaneous Provisions - Amends FECA to prohibit the use of Government-owned or -operated aircraft in connection with elections for Federal office, except with respect to travel provided to the President and Vice President.

Expresses the sense of Congress that House candidates should comply with the contribution and expenditure limitations under new FECA title V added above.

Title V: Effective Date - Sets forth the effective date of this Act.