Fair Elections and Political Accountability Act

Fair Elections and Political Accountability Act - Amends the Federal Election Campaign Act of 1971 (FECA) to eliminate current limitations on Federal election campaign contributions after 1998.

Requires (current law permits) electronic filing of FECA reports. Repeals reporting requirements for certain contributions received by authorized committees and replaces them with reporting requirements for certain contributions received by political committees. Directs the Federal Election Commission to make information contained in FECA reports submitted available on the Internet and publicly available at the Commission's offices within 24 hours after the information is received by the Commission. Eliminates thresholds for the disclosure of the identification of certain contributors. Repeals the requirement that political committees record the identification of any person who makes any contribution in excess of $50.

Bans contributions from individuals not qualified to register to vote in Federal elections.

Prohibits the funding of the political activities of national banks, corporations, and labor organizations, with the exception of contributions and expenditures made by separate segregated funds of corporations and labor organizations. Prohibits the involuntary assessment of: (1) stockholder and employee funds by national banks and corporations to be used for Federal campaign activities; and (2) member and nonmember funds by labor organizations to be used for Federal campaign activities.

Prohibits contributions from being made to the political committees of candidates six months following a general election unless the election is a runoff or special election, with the exception of contributions made solely in connection with the expenses of the previous election.

Authorizes appropriations for the Commission.

Revises enforcement provisions to mandate and increase the period of time of imprisonment of any person who commits a violation of FECA involving any contribution or expenditure aggregating $2,000 or more. Permits the Attorney General, with respect to violations of the Act, the Presidential Election Campaign Fund Act, or the Presidential Primary Matching Payment Account Act, to bring a criminal action in addition to requiring payment of specified civil penalties.