Federal Election Campaign Fund Act

Federal Election Campaign Fund Act - Sets forth the definitions of the terms used in this Act as it applies to the Presidential Election Campaign Fund, a candidate of a political party in a federal election shall, in writing, agree to: (1) obtain and furnish to the Comptroller General such evidence as he may request of the qualified campaign expenses with respect to which payment is sought; (2) keep and furnish to the Comptroller General such records and books; (3) an audit; and (4) furnish statements of qualified campaign expenses.

Prescribes additional requirements to be fulfilled and agreed to prior to eligibility of major and minor party candidates to receive payments from the fund. Sets forth the amounts to which eligible candidates are entitled.

Provides that, on the basis of information furnished by the eligible candidates of a political party, the Comptroller General shall certify to the Secretary of the Treasury the payments to which candidates are entitled.

Establishes a special fund to be known as the "Federal Election Campaign Fund." Directs the Secretary to transfer to the fund a specified amount, and such additional sums as Congress may appropriate.

States that, after each federal election, the Comptroller General shall conduct a thorough examination and audit of the qualified campaign expenses of the candidates of each political party for federal office. Requires repayment of campaign expenses upon specified findings of the Comptroller General. States that if the Comptroller General determines that any amount of any payment made to an eligible candidate of a political party was used for any purpose other than: (1) to defray the qqualified campaign expenses with respect to which such payment was made, or (2) to repay loans the proceeds of which were used, or otherwise to restore funds, he shall notify such candidate of the amount so used, and such candidate shall pay to the Secretary an amount equal to such amount.

Requires a candidate of a political party for federal office in a federal election to furnish to the Comptroller General a detailed statement of the qualified campaign expenses incurred by him and the expenses which he and his authorized committees propose to incur. Directs the Comptroller General to, as soon as practicable after each federal election, submit a full report to the Senate and House of Representatives setting forth enumerated items.

Authorizes the Comptroller General to appear in and defend against any action filed pursuant to this Act by attorneys employed in his office or by counsel whom he may appoint. Provides for judicial review of any certification, determination or other action by the Comptroller General taken pursuant to the provisions of this Act by the United States Court of Appeals for the District of Collumbia upon petition filed in such court by any interested person.

Makes it unlawful for an eligible candidate of a political party for federal office in a federal election or any of his authorized committees knowingly and willfully to incur qualified campaign expenses in excess of the aggregate payments to which the eligible candidates of a major party are entitled. Provides criminal penalties for violations of this Act, including: (1) the unlawful use of payments; (2) false statements to the Comptroller General; (3) kickbacks and illegal payments; (4) unauthorized expenditures and contributions; and (5) unauthorized disclosure of information.

Establishes an Advisory board to be known as the Federal Election Campaign Fund Advisory Board to Counsel and assist the Comptroller General in the performance of the duties and functions imposed on him under the Federal Election Campaign Fund Act. Sets forth the composition and compensation of the board members.

Provides procedures for designation of inccome tax payments to the Federal Election Campaign Fund. States that every individual whose adjusted gross income for the taxable year is $2 or more may designate that $2 shall be paid over to the Federal Election Campaign Fund.