Federal Election Campaign Reform Act

Federal Election Campaign Reform Act - Provides that no candidate or political committee in a campaign for nomination or in a campaign for election to Federal elective office may, directly or indirectly, in any way whatsoever: (1) accept or arrange for any contribution, or expend or contract for any obligation, prior to the beginning of the calendar year in which the election is scheduled; or (2) accept any contribution, or contract for any obligation, after a date two weeks prior to the scheduled election date; or (3) make expenditures or contributions in excess of $5,000 from his personal funds, or the personal funds of his immediate family, or from such funds being contributed or expended through the use of a third party.

States that a candidate may establish no more than one political committee, in such candidate's own name. Provides that the name of the committee, as well as the name of its chairman and treasurer, shall be filed with the Comptroller General immediately upon its formation.

Provides that each treasurer of a political committee supporting a candidate or candidates for Federal elective office, or each candidate, should such candidate not establish a political committee in his own name shall file a report with the Comptroller General two weeks prior to a scheduled primary election date and two weeks prior to a scheduled election date for such candidate or candidates. Specifies information which shall be included in such report.

Sets forth penalties for violations of this Act.

Provides that nothing in this Act shall be deemed to invalidate or make inapplicable any provision of any State law, except where compliance with such provision of law would result in a violation of, or extend or limit, a provision of this Act.