Federal Election Financing and Reform Act

Federal Election Financing and Reform Act - Adds Title V: Public Financing of Congressional Elections to the Federal Election Campaign Act.

Establishes in the Treasury of the United States the Congressional Election Campaign Fund. Authorizes the appropriation to the Fund such sums as may be necessary to carry out this Act. Sets forth requirements for candidates to receive payments from the Fund.

Establishes the Federal Election Commission, to be composed of the Comptroller General and six other members who shall be appointed by the President with the advice and consent of the Senate. Sets forth administrative composition and functions of the Commission.

Provides that the Commission shall have the power: (1) to require any person to submit in writing such reports and answers to questions as the Commission may prescribe; (2) to administer oaths and issue subpoenas; (3) and to initiate, prosecute, defend, or appeal any court action in the name of the Commission for the purpose of enforcing the provisons of this Act.

Provides that, notwithstanding any other provision of law, that the Commission shall be the primary civil and criminal enforcement agency for violations of the provisions of this Act. Provides that any violation of any such provision shall be prosecuted by the Attorney General or Department of Justice personnel only after consultation with, and with the consent of, the Commission.

Provides that any person who violates any provision of this Act may be assessed a civil penalty by the Commission of not more than $10,000 for each such violation. Sets forth procedures for setting of penalties and for appealing such penalties.

Provides that upon application made by any individual holding Federal office, any candidate, or any political committee, the Commission, through its General Counsel, shall provide an advisory opinion, with respect to any specific transaction or activity inquired of, as to whether such transaction or activity would constitute a violation of any provision of this Act.

Makes technical and conforming amendments in the Federal Election Campaign Act.

Provides that no person shall make contributions to or for the benefit of any candidate for Federal office in any calendar year which, in the aggregate, exceed $3,000. Sets forth other specific limitations on campaign contributions.

Sets forth penalties for violation of the contribution limitations provisions of this Act.

Sets forth limitations on campaign expenditures for candidates for election.

Directs the Federal Communications Commission to make an investigation and study for the purpose of determining: (1) the most equitable and feasible arrangement whereby each television and radio broadcasting station and networks of such stations may provide free air time to legally qualified candidates for the offices of Senator and Representative in any election; and (2) the feasibility of providing free broadcast time in the same or similar manner to candidates for State and local elective offices and to all candidates for elective offices in primary elections.

Revises the Internal Revenue Code by increasing the allowable income tax credit for political contributions.