Campaign and Election Reform Act

Title I: Ombinus Disclosure

Requires members of all three branches of government to file a financial disclosure report with the Comptroller General on or before May 1 of each year. States that this disclosure requirement applies to all Federal judges and justices, the President and Vice President and all Members of Congress, and to Federal officials and to those employees of Members of Congress, Congress itself, the judiciary, and the executive branch who receive more than $18,000 a year and have served for more than 30 days. Provides that candidates for Congress, the presidency and vice-presidency are also required to file disclosure reports within 30 days of becoming a candidate.

Requires such disclosure reports to contain the following information: (1) the identity and value of interests in real or personal property worth more than $500, (2) creditors to whom more than $1,000 is owed and the amount of each such debt, (3) sources and amount of income greater than $100, (4) dealings in securities or commodities, (5) transctions in real property, (6) nature, source and value of each non-family gift of more than $100, (7) the amount and source of each contribution to defray campaign or office expenses, and (8) except in the case on nonincumbent candidates, the identity of each client who pays more than $1,000 to a law firm which which an individual obligated under the act is associated.

Attributes to any individual required to file under this Act the assets, liabilities, recipients, transction and gifts of (1) any person acting on the individual's behalf, (2) his immediate family, (3) any corporation of which he owns more than one half of the stock, (4) a proportional share of any partnership of which he is a partner, and (5) certain trusts and estates depending on his knowledge and interest.

Provides that the Comptroller General shall supply forms for reports required under the act and shall prescribe regulations governing the preparation of such reports.

Requires the General Accounting Office to keep a file of financial disclosure reports, open to public inspection for a period of five years after each individual leaves government service.

Provides that any individual who fails to file within the time period, files false or misleading information or omits information is subject to a $20,000,fine, or 5 years imprisonment or both. Title II: Criminal Penalities for Unfair Compaign Practices

Specifies penalties for the following criminal offenses: (1) misrepresentation of a candidate or political party; (2) breaking and entering; (3) criminal trustpass; and (4) extortion. Title III: Strengthening Presidential Campaign Financing Laws

Increases the amount of his taxes that an individual can designate for the Presidential Election Campaign Fund from $1 to $2 ($2 to $4 for a joint return).

Provides that the first page of the individual income tax forms shall contain "in a prominent place" the form needed to make a designation of funds for the Presidential Election Campaign Fund, together with the following statement in bold type: "Designating that $2 (or $4 for a husband and wife filing jointly) shall be paid over to the Presidential Election Campaign FUnd will not increase your tax liability."

Provides that the amount that any legally qualified candidate for President may spend in the election campaign (not including primary campaigns) is limited to an amount equal to the greatest amount to which any candidate is eligible from the Presidential Election Campaign Fund, regardless of whether the candidate gets his money from the Fund or from private sources. States that expenditures made by an agent of a candidate, or a political committee of the candidate, or made on bahalf of the candidate with his knowledge will be considered expenditures of the candidate. Provides a criminal penalty of up to five years and $50,000 for willful violation of this limitation.

Eliminates the requirement that funds be appropriated to the Presidential Election Campaign Fund before they are expended. Title IV: To Amend the Federal Election Campaign Act of 1971

Increases the criminal penalties for violation of the Federal Election Campaign Act of 1971 when the amount of such violations in any twelve month period totals more than $5,000, from one year and $1,000 to five years and $50,000.

Provides for civil penalties for violation of the Federal Election Campaign Act of 1971 of up to three times the total amount of such violation.

Requires that the officer who collects reports under the Federal Election Campaign Act of 1971 and who refers a violation under that Act to a law enforcement authority, to transmit a copy of such referral to the Comptroller General within 24 hours.

Authorizes the Comptroller General, when he determines that a violation of the Federal Election Campaign Act of 1971 which he has referred to law enforcement authorities is not being promptly and properly investigated and prosecuted to appoint a special prosecutor to investigate the violations and present them to an appropriate federal grand jury or federal court for consideration.