A bill to amend the Federal Election Campaign Act of 1971 and title 18, United States Code, to reform the Federal election process.

Establishes the Federal Elections Commission, to be composed of seven members. Sets forth the administrative composition and functions of the Commission.

Provides that the Commission shall have the powers enumerated in this Act in order to carry out this Act.

Makes technical and conforming changes 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 $500. 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.

Provides for penalties for violations of this Act.

Provides for the regulation of primary election schedules. Makes Federal election day the first Tuesday next after the first Monday in November of 1976, and every second year thereafter, and makes such day a legal public holiday.