Federal Election Regulation Act

Federal Election Regulation Act - Requires each candidate to designate one political committee as his central campaign committee. Authorizes a candidate for the office of President to designate one political committee in each State in which he is a candidate as his State campaign committee for that State.

Requires each candidate to designate one National or State bank as his campaign depository. Requires the central campaign committee of each candidate to maintain a checking account at the depository so designated by the candidate. Stipulates that no expenditure may be made by any such committee on behalf of a candidate or to influence his election except by check drawn on that account.

Provides that no political committee shall receive a contribution, or contributions in the aggregate, from any person of $50 or more other than in the form of a check drawn on the account of the person making the contribution.

Places a $3,000 limit on individual contributions to a Presidential campaign. Establishes penalties for embezzlement or conversion of political contributions.

Increases, under the Internal Revenue Code, the tax credit for political contributions from $12.50 to $25 and the corresponding tax deduction from $50 to $100. Provides that every individual whose income tax liability for the taxable year is $2 or more may designate that $2 shall be paid over to the Presidential Election Campaign Fund. Provides that, in order to be eligible to receive any such payments, the candidates of any party in a Presidential election shall certify to the Comptroller General that they and their authorized committees will not incur qualified campaign expenses in excess of $30,000,000. Makes it unlawful for any candidate of a political party for President and Vice President in a Presidential election to knowingly incur qualified campaign expenses in excess of $30,000,000.

Presidential Primary Matching Payment Fund Act - Establishes on the books of the Treasury a special fund to be known as the Presidential Primary Matching Payment Fund. Authorizes to be appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be necessary to carry out the provisions of this Act.

Requires candidates, in order to receive payments under this Act, to: (1) agree to obtain and furnish to the Comptroller General any evidence he may request of qualified campaign expenses; (2) agree to keep and furnish to the Comptroller General any records, books, and other information he may request; (3) agree to an audit and examination by the Comptroller General of such records; and (4) agree to furnish statements of qualified campaign expenses and proposed qualified campaign expenses.

Requires the Comptroller General to, as soon as practicable after each matching payment period, submit a full report to the Senate and House of Representatives setting forth: (1) the qualified campaign expenses incurred by the candidates for president of each political party and their authorized committees; and (2) the amounts certified by him under this Act for payment to each eligible candidate.

Authorizes the Comptroller General to institute actions in the district courts of the United States to seek recovery of any amounts determined to be payable to the Secretary of the Treasury as a result of an examination and audit of any candidate's books and records. Establishes procedures for judicial review of any action by the Comptroller General.

Sets forth criminal penalties for violations of the provisions of this Act.