A bill to amend the Communications Act of 1934 with respect to the application of the equal time provisions of section 315 to candidates for Federal elective office.

Exempts from the equal time requirements of the Communication Act all candidates for Federal offices.

Expands the definition of a legally qualified candidate for purposes of the Act to include persons who have publicly announced for office or have knowledge that contributions and expenditures have been made in their behalf.

Directs the Federal Communications Commission to study the effect of the equal time suspension on the congressional and presidential compaigns in 1974 and 1976.