Campaign Reporting and Disclosure Act of 1998

Campaign Reporting and Disclosure Act of 1998 - Amends the Federal Election Campaign Act of 1971 (FECA) to require each political committee to notify the Federal Election Commission or the Secretary of the Senate, and the Secretary of State, as appropriate, in writing, of any contribution received and expenditure made by the committee within 90 days of an election. Requires the notification to be made within 24 hours after the receipt of such contribution or the making of such expenditure and to include the name of the candidate involved, the office sought by the candidate, the identification of the contributor or the person to whom the expenditure is made, and the date of receipt and the amount of the contribution or the date of disbursement and the amount of the expenditure. Requires the Commission to make such filed information available on the Internet immediately upon receipt.

Revises FECA reporting requirements to: (1) require reports submitted by persons who report contributions or expenditures in all reports filed in the election involved (taking into account the period covered by the report) in an amount equal to or greater than $50,000 to be filed electronically; and (2) change certain reporting from a calendar year basis to an election cycle basis. Requires that a political committee report expenditures made for personal and consulting services by certain individuals other than employees and prescribes that such individuals maintain records of such services and report the information to the political committee.

Provides for the first report required to be filed after an election by political committees to include a statement of the total contributions received and expenditures made as of the date of the election.

Requires FECA reports on itemized contributions made by persons or political committees to include information on the total amount of all such contributions made by such person or committee in the election involved.

Requires the Commission, in addition to issuing advisory opinions with respect to a specific transaction or activity by a person, to provide written responses to questions concerning the application of FECA, the Presidential Election Campaign Fund Act, the Presidential Primary Matching Payment Account Act, a rule or regulation, or an advisory opinion of the Commission with respect to the transaction or activity by the person if the Commission finds the application of the Act, chapter, rule, regulation, or advisory opinion to the transaction or activity to be clear and unambiguous. Sets forth a "safe harbor" rule.

Directs the Commission to: (1) make public any request for a written response made, and the responses issued, but may not make public the identity of any person submitting a request for a written response unless the person specifically authorizes the Commission to do so; and (2) compile, publish, and regularly update a complete and detailed index of the responses issued.

Prohibits acceptance by candidates and political committees of U.S. and foreign cash contributions greater than $100.