A bill to amend the Federal Election Campaign Act of 1971 to provide for an independent Federal Election Commission.

Changes the Federal Election Campaign Act of 1971 to provide for a Federal Elections Commission in the executive branch to be composed of nominees chosen by the Congress and appointed by the President.

States that it shall be the duty of the Commission to: (1) refer apparent violations of the Federal Election Campaign Act and related Federal statutes to the Attorney General; (2) make public the fact of any referral to the Attorney General under such Act or the basis of such finding; (3) initiate, maintain, defend, or appeal any civil action (in the name of the Commission) relating to the enforcement of the provisions of such Act and related Federal statutes; (4) petition the courts for declaratory or injunctive relief concerning any action covered by the provisions of the Federal Election Campaign Act and related Federal statutes; and (5) issue subpenas under such Act.

Establishes the Federal Elections Advisory Board, to be composed of members of Congress, to consult with and make recommendations to the Commission regarding the performance of the Commission's duties and functions under the Federal Election Campaign Act of 1971.

Provides that whoever willingly and willfully files a false complaint under the Federal Election Campaign Act of 1971 or makes false statements to the Commission shall be fined not more than $25,000 or imprisoned for not more than a year, or both.