Federal Election Campaign Act Amendments

(LATEST SUMMARY)

Federal Election Campaign Act Amendments - =Title I: Criminal Code Amendments= - Imposes limitations on the amount of campaign contributions and expenditures for Federal elections.

Redefines political committee. Adds to the exceptions in the definition of contributions, and in that of expenditures.

States that Federal election law shall not be interpreted as disallowing corporations and labor organizations from establishing separate funds for influencing the election of a candidate.

=Title II: Disclosure of Federal Campaign Funds= - Requires candidates to designate a principal campaign committee to make expenditures and file reports required by law. Sets dates for filing such reports in quarters where contributions or expenditures exceed $1,000.

Requires that the supervisory officer (Clerk of the House or Secretary of the Senate) notify the Rules Committee of the Senate or House Administration Committee before prescribing rules or regulations.

Creates the Board of Supervisory Officers among specified Congressional and executive officials and other citizens.

Instructs the Board to formulate policy and review actions of supervisory officers relating to election laws, to conduct investigations and hearings, report violations, and report annually on its activities.

Requires supervisory officers to report election law violations to the Board, which shall attempt to settle by conciliation and persuasion before reporting to law enforcement officials.

Authorizes judicial review of the election law provisions.

Authorizes necessary appropriations to the Board and supervisory officers.

=Title III: General Provisions= - Requires the indictment within three years of a violation of election law if a party is to be prosecuted.

Approves disqualification from candidacy of Federal officials failing to file required election reports.

=Title IV: Amendments to Other Laws; Effective Dates= - Permits State and local officials to be nonpartisan candidates.

Repeals the communications media expenditure limitations provisions of the Federal Election Campaign Act of 1971.

Entitles major party Presidential candidates to a total of $20,000,000 from the Election Campaign Fund.

Entitles major party Presidential conventions to $2,000,000 from such Fund. Specifies amounts for minor party conventions.

Limits expenditures by parties for conventions.

Prescribes allowable expenses for convention purposes.

Exempts political committees from filing tax forms.

Adds "Chapter 97-Presidential Primary Matching Payment Account," entitled the "Presidential Primary Matching Payment Account Act" to the Internal Revenue Code.

Refines terms used in such Act.

Sets forth eligibility requirements for payments from the Presidential Primary Matching Payment Account, including agreement by candidates to furnish records to the Comptroller General.

Entitles primary election candidates to allotments from such Account to match their other contributions.

Sets expenditure limits for Presidential primary candidates.

Limits payments to any candidate to 25 percent of the amount in such Account, and to candidates from any one party to 45 percent of such amount.

Requires an audit by the Comptroller General of candidate expenditures and repayment by candidates of excess amounts and misused amounts.

Requires Congressional approval of the Comproller General's procedures under this Act.

Sets forth penalties for violations of such primary election law provisions.