A bill to amend the Federal Election Campaign Act of 1971 to require more complete disclosure of Federal campaign funds.

Specifies additional limitations on Federal campaign contributions and expenditures, pursuant to the Federal Election Campaign Act, and provides penalties for violations thereof. States that use of campaign contributions for personal purposes by a candidate or holder of Federal office shall be punished by a fine of up to $50,000 or imprisonment for one year, or both.

Establishes a Federal Election Commission, consisting of five members to be appointed by the President.

States that a candidate shall not in his campaign for nomination or in his campaign for election make expenditures in excess of the amount which he may lawfully make under the laws of the State in which he is a candidate, nor under the provisions of this Act.

Directs that the total amount expended by a candidate for nomination shall not exceed: (1) in the case of a candidate for the office of Representative (other than a Representative elected at large), the amount shall be the product obtained by multiplying the population of the congressional district by 25 cents; (2) in the case of a candidate for the office of Senator or of a Representative elected at large, such amount shall be the product obtained by multiplying the population of the State by 25 cents; and (3) in the case of a candidate for the office of President in a State primary election the amount shall be the product obtained by multiplying the population of the State by 25 cents or the product obtained by multiplying the population of all the States by 1.25 cents, whichever is the greater. Provides that in an election campaign, the total amount expended by a candidate for election shall not exceed the total population of the congressional district (for a Representative), the state (for a Senator or Representative at large), or the country (for the President and Vice President) multiplied by 25 cents.

Prohibits use of the franking privilege by Members of Congress for postal patron and other simplified address mailings in the period between qualification as a candidate and general election.