Federal Election Campaign Reform Act

Federal Election Campaign Reform Act - Establishes the Federal Elections Commission as an independent establishment in the executive branch, which shall be composed of six members, no more than three of which shall be of the same party. Provides that two members shall be appointed by the President, two by the Speaker of the House of Representatives and two by the President pro tempore of the Senate.

Empowers the Commission to subpoena or require testimony and records.

Requires each candidate to designate a central campaign committee, which shall forward all reports and statements to the Commission and shall receive reports from subordinate political committees.

Provides that upon written request the Commission may render an advisory opinion with respect to whether any specific transaction or activity by the requesting individual, candidate, or political committee would constitute a violation of the law.

Transfers specified materials from the Comptroller General, Secretary of the Senate, and Clerk of the House of Representatives to the Commission.

Makes technical and conforming amendments to the Federal Election Campaign Act of 1971.

Provides that no individual or organization, with the exception of specified political committees, may make any contributions to or for any candidate for Federal office. Sets limits on the aggregate amount of contributions which an individual may make. Sets limitations on contributions of currency, United States and foreign, which a person may make for the benefit of any candidate or political committee. Imposes criminal penalties for violations of this Act.

States that no candidate (other than a candidate for nomination for election to the office of President) may make expenditures in connection with his primary or primary runoff campaign for nomination for election to Federal office in excess of the greater of 10 cents multiplied by the voting age population of the geographical area in which the election for such nomination is held; or $125,000, if the Federal office sought is that of Senator, Delegate, Resident Commissioner, or Representative from a State which is entitled to only one Representative; or $75,000, if the Federal office sought is that of Representative from a State which is entitled to more than one Representative.

Changes such amounts to 15 cents, $175,000, and $75,000 respectively for the general election.

Prohibits any contribution during any calendar year to or for the benefit of any candidate which is in excess of in the case of contributions to or for the benefit of a candidate other than a candidate for nomination for election, or for election, to the office of President, the amount which, when added to the total amount of all other contributions made by that individual during that calendar year to or for the benefit of a particular candidate, would equal $2,500; or in the case of contributions to or for the benefit of a candidate for nomination for election, or for election, to the office of President, the amount which, when added to the total amount of all other contributions made by that individual during that calendar year to or for the benefit of that candidate, would equal $5,000.

Provides that no person shall during any calendar year make, and no person shall accept: (1) any contribution to a political committee; or (2) any contribution to or for the benefit of any candidate, which, when added to all the other contributions enumerated in (1) and (2) of this subsection which were made in that calendar year, exceeds $25,000.