Federal Election Finance Act

Federal Election Finance Act - Sets forth the definition of terms employed in this Act.

Establishes, as an independent establishment of the Government of the United States, a commission to be known as the Federal Election Commission, which shall be composed of seven members consisting of the Comptroller General of the United States, and six appointive members.

Sets forth the administrative functions and duties, authorization of the Commission under this Act.

Authorizes the Commission to institute, prosecute, defend, or appeal, in the name of the Commission and through its own legal representatives, any civil or criminal action deemed necessary for the enforcement of any provision of this Act in any district court of the United States in which jurisdiction over the person or subject matter of such proceeding may be lawfully obtained and any such court shall, upon a proper showing and without bond, grant any appropriate relief, including a permanent or temporary injunction, restraining order, or other appropriate order, and may punish any refusal or failure to obey such order, or any noncompliance with any subpoena or order of the Commission, as a contempt.

Establishes on the books of the Treasury of the United States a special fund to be known as the Federal Election Campaign Fund which shall be available without fiscal year limitation for disbursement to candidates for Federal offices in general election campaigns by the Federal Election Commission and shall consist of such amounts as may be appropriated to it.

Authorizes to be appropriated into the Fund from the Treasury of the United States $40,000,000 in Fiscal 1974 and in subsequent fiscal years such sums as may be necessary to carry out the provisions of this Act.

States that the amount which may be paid out of the Fund to the account of a major party candidate for election to Federal office shall not exceed one-third of the expenditure ceiling applicable to such office under this title.

Provides that the maximum amount which may be paid out of the Fund to the account of a minor party candidate shall be determined by a specified formula.

States that no amount shall be transferred under this Act to the account of any candidate in excess of the amount by which that candidate's outstanding campaign debts exceed the campaign funds available to that candidate other than under this Act.

Sets forth the procedure to be followed in applying for advances of funds.

States that upon application made by a qualified candidate, the Commission shall transfer to the central depository bank account designated by the candidate, the amount to which he is entitled from the Fund for payment of his campaign expenses.

States that all payments received from the Fund, and all personal resources of the candidate shall be deposited in the candidate's central campaign account. Provides that other receipts and contributions may be deposited either in the central depository account or in a secondary depository account as provided for in this Act.

States that no person authorized to make withdrawals from the candidate campaign account shall pay any amount out of that account for goods or services furnished, other than staff salaries, except upon the presentation of an invoice submitted by the person to whom the payment is to be made.

Provides that such invoices and statements shall be preserved by the candidate and made available for reasonable inspection by employees of the Commission.

States that amounts received by a candidate from the Federal Elections Campaign Fund may be retained for the liquidation of all obligations incurred during the campaign for a period not exceeding six months after the date of the election; and all obligations having been liquidated, that portion of any unexpended balance remaining in the candidate's accounts which bears the same ratio to the total unexpended balance as the total amount received from the Funds bears to the total of all deposits made into the candidate's accounts shall promptly be repaid to the Fund.

Sets forth formulae for determining the limitations on campaign expenditures for Federal officers.

States that no candidate for nomination for, or election to, Federal office shall; (1) receive contributions from any person in connection with his primary election campaign or his general election campaign, which, in the aggregate, exceed $3,000; and (2) receive contributions from all donors which, in the aggregate, exceed the maximum amount expendable by a candidate for nomination for, or election to, that office under this Act, less the amounts received by him from the fund.

Provides that no person shall make contributions to any candidate which, in the aggregate, exceed the limitations imposed by this Act.

States that in the event that a candidate, his agent or political committees shall receive either an anonymous contribution in excess of $25, a contribution in violation of this Act, or a contribution which, in conjunction with other contributions received exceeds the maximum amount of contributions that candidate is permitted to receive under this Act, such contribution or excess portion thereof shall be paid to the Commission for covering into the fund.

Provides that each candidate shall designate one political committee as his central campaign committee, which shall receive all reports made by any other political committee accepting contributions or making expenditures for the purpose of influencing the nomination for election, or election, of the candidate who designated it as his central campaign committee. Provides that no political committee may be designated as the central campaign committee of more than one candidate.

States that each candidate shall designate one central campaign treasurer who shall be the treasurer of the candidate's central campaign committee.

Requires each candidate to designate one (1) bank insured by the Federal Deposit Insurance Corporation as the central campaign depository for the central campaign treasurer and may designate an additional secondary depository in the District, State, or States in which he seeks election. Requires all contributions and other funds received and all expenditures made by the candidate or his campaign treasurer to pass through accounts in the central campaign depository or secondary depository.

States that no contribution or expenditure, including contributions or expenditures of a candidate himself or of his family, or transfer of funds shall be directly or indirectly made or received, in furtherance of the candidacy of any person for nomination or election to political office or on behalf of any political committee except by check through the duly appointed campaign treasurer of the candidate or political committee and the appropriate designated depository except as provided in this Act.

Sets forth restrictions upon the operation of campaign petty cash funds. Provides for the reporting of contributions and details the information to be reported.

Provides that copies of such reports shall be available from the Commission.