Federal Election Act

Federal Election Act - Establishes the Federal Elections Commission, to be composed of six members. 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; and (3) to initiate, prosecute, defend, or appeal any court action in the name of the Commission for the purpose of enforcing the provisions of this Act.

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

Revises the Federal Election Campaign Act by providing that every candidate for Federal office shall designate one political committee as his campaign committee. Provides that any person making a contribution of currency or other funds to any candidate for Federal office shall make such contribution directly to the campaign committee designated by such candidate under this Act. Prohibits the expenditure of funds for any candidate for Federal office by any person other than the candidate's designated campaign committee.

Provides that no person shall make contributions to any candidate for Federal office in any primary election or in any general election which, in the aggregate, exceed: (1) $7,500, in the case of a primary election or general election for the office of President; or (2) $2,500, in the case of a primary election, primary runoff election, or general election for the office of Senator, Representative, Delegate, or Resident Commissioner.

Sets forth penalties for violation of this Act.

Prohibits any person from giving any currency or other funds to any other person with the knowledge that such funds are to be used for the making of a contribution by such other person to any candidate for Federal office.