Federal Election Campaign Act Amendments

Federal Election Campagin Act Amendments - Creates a six-member independent Federal Elections Commission appointed by the President and confirmed by the Senate.

Specifies that the Commission shall have full legal powers.

Authorizes the Commission to use the personnel and facilities of the Department of Justice and the General Accounting Office. Requires the Commission to submit its budget directly to Congress along with any recommendations it may have for legislation.

Transfers specified functions of the Secretary of the Senate, the GAO and the Clerk of the House to the Commission.

Requires each candidate for Federal office to have a central campaign committee through which all reports must pass. Requires the central committee to file its report with the Commission. Specifies that reports contain all contributions in excess of $100 and that cash contributions of $2,500 or more be reported within 24 hours. Requires a financial report to be filed 10 days before an election.

Requires a candidate to file a statement as to the consideration for which any debt is settled for less than full value or the circumstances surrounding such settlement. Authorizes those sums necessary to carry out the objectives of this Act.