Clean Money, Clean Elections Act

Clean Money, Clean Elections Act - Amends the Federal Election Campaign Act of 1971 (FECA) to: (1) prescribe eligibility and qualifying contribution requirements, seed money provisions, and benefits of clean money financing of Senate election campaigns; (2) set forth requirements applicable to clean money candidates; (3) direct the Federal Election Commission (FEC) to certify if a candidate is such a candidate and to assess a certain civil penalty against any such candidate making an expenditure from funds other than clean money funds; (4) establish in the Treasury a Senate Election Fund for clean money financing; (5) set forth requirements concerning reporting of certain expenditures of private money candidates and of independent expenditures, as redefined; (6) limit expenditures that may be made by political party committees in connection with the general election campaign of a Senate election in which one or more of the candidates is a clean money candidate; and (7) require a committee of a political party, before making coordinated expenditures in excess of $5,000 for a Federal election, to certify to the FEC that it has not and will not make any independent expenditures in connection with such campaign.

Amends the Communications Act of 1934 to entitle clean money candidates to receive specified free broadcast time.

Amends: (1) FECA to outline political advertising provisions for specified communications; and (2) Federal postal law to limit franked mass mailings by Members of Congress.

Amends FECA with respect to soft money to prohibit: (1) a national committee of a political party from soliciting or receiving contributions or making expenditures not subject to FECA; (2) a national, State, district, or local committee from soliciting or donating funds to a tax-exempt organization; and (3) an incumbent or candidate for Federal office from soliciting or receiving funds not subject to FECA, or from soliciting or receiving funds for a non-Federal election in excess of certain limits or from prohibited sources (with exceptions). Requires a State, district, or local committee of a political party to make Federal election year expenditures (with exceptions) from funds subject to FECA.

Amends FECA to: (1) establish aggregate and separate individual contribution limits to State Party Grassroots Funds and all committees established by a State committee of a political party, and increase annual individual contribution limits; and (2) eliminate the exception for building funds relating to the definition of "contribution."

Revises requirements concerning: (1) reporting persons to whom certain expenditures are made to meet candidate or committee operating expenses; and (2) FEC Commissioners and FEC powers, including those involving investigations. Authorizes the FEC to seek injunctive relief to prevent FECA violations.

Prescribes reporting requirements with regard to: (1) soft money disbursements of persons other than political parties; (2) disbursements made by authorized committees; and (3) Senate candidates.

Prohibits contributions made by, or solicited, accepted or received in connection with a Federal election from, foreign nationals.

Increases and expands the penalties for FECA violations.