Clean Elections Financing Act

Clean Elections Financing Act - Establishes as an independent office of the executive branch of the Government of the United States, a commission to be known as the Federal Election Commission.

Provides that the Commission shall be composed of the Comptroller General, and six other members who shall be appointed by the President by and with the advice and consent of the Senate.

Makes requirements as to the political party affiliation of the members. Provides that members of the Commission, other than the Comptroller General, shall serve for terms of seven years.

Provides that, in carrying out its responsibilities under this title, the Commission shall, to the fullest entent practicable, avail itself of the assistance, including personnel and facilities, of the General Accounting Office and the Department of Justice, and that the Comptroller General and the Attorney General shall make available to the Commission such personnel, facilities, and other assistance, with or without reimbursement, as the Commission may request.

Requires that all candidates in a Federal election shall: (1) agree to obtain and to furnish to the Commission any evidence it may request about his campaign expenses and contributions; (2) agree to keep and to furnish to the Commission any records, books, and other information it may request; (3) agree to an audit and examination by the Commission; and (4) agree to furnish statements of campaign expenses and proposed campaign expenses.

Requires every candidate in a Federal election to certify to the Commission that: (1) the candidate and his authorized committees will not incur campaign expenses greater than the limitations enumerated in this Act; and (2) no contributions greater than the limitations on individual or aggregate contributions have been or will be accepted by the candidate or his authorized committee.

States that to be eligible to receive any payments a candidate in a Federal primary election shall certify to the Commission that: (1) the candidate is seeking nomination for election to the House of Representatives of the United States Congress and has a campaign fund of more than $2,500; (2) the candidate is seeking nomination for election to the Senate of the United States Congress and has a campaign fund of more than $5,000; or (3) the candidate is seeking nomination for election to be President or Vice President of the United States and has a campaign fund of more than $50,000.

Provides that an eligible candidate of a major party is entitled to payments in connection with his general election campaign equal to 80 percent of the maximum expenditure limit for the office sought; and that an eligible candidate of a minor or new party and an independent eligible candidate are each entitled to specified payments.

Prohibits any candidate for election to the office of United States Senator or President of the United States from making expenditures in connection with his general election campaign in any State in excess of the greater of: (1) 20 cents multiplied by the voting age population of the State in which the election is held; or (2) $250,000.

Prohibits any candidate for election to the office of United States Representative from making expenditures in connection with his general election campaign in excess of $150,000.

Prohibits any candidate seeking the nomination of a major party for election to the office of United States Senator or President of the United States from making expenditures in connection with his primary election campaign in excess of the greater of: (1) 15 cents multiplied by the voting age population of the State in which the election is held; or (2) $250,000.

Prohibits any candidate seeking the nomination of a major party for election to the Office of United States Representative from making expenditures in connection with his primary election campaign in excess of $150,000.

Prohibits any candidate seeking the nomination of a minor party or new party for election to Federal office from making expenditures in connection with his campaign in any State greater than the aggregate of a specified formula amount.

States that expenditures made for the purpose of influencing the nomination for election, or the election, of a candidate shall be considered to have been made by him if made by the candidate, his agent, an authorized political committee for the candidate, or by any other person who makes any expenditure at the direction, request, suggestion, or instigation of the candidate or his agent.

Prohibits any candidate from receiving a contribution from any person in connection with his general election campaign in excess of $250.

Prohibits any candidate for nomination for election to Federal office from receiving contributions in connection with his primary election campaign which do not qualify for matching payments in excess of: (1) $100,000, in the case of a candidate for nomination for election to the office of President or Vice President of the United States; (2) $10,000, in the case of a candidate for nomination for election to the office of United States Senator; or (3) $5,000, in the case of a candidate for nomination for election to the office of United States Representative.

Provides that, on the basis of the evidence, books, records, and information furnished by the eligible candidates of a political party and prior to examination and audit, the Commission shall certify from time to time to the Secretary of the Treasury for payment to the candidates the payments to which such candidates are entitled.

Establishes within the Treasury a trust fund to be known as the Federal Election Campaign Fund. Requires that, after each Federal election, the Commission shall conduct a thorough examination and audit of the campaign expenses of all candidates for Federal office.

States that if the Commission determines that any amount of any payment made to an eligible candidate of a political party was used for any purpose other than: (1) to defray the campaign expenses with respect to which the payment was made, or (2) to repay loans the proceeds of which were used, or otherwise to restore funds which were used, to defray campaign expenses, it shall notify the candidate of the amount so used, and the candidate shall pay to the Secretary an amount equal to such amount.

Provides that a candidate for nomination for election, or for election, to Federal office shall, from time to time as the Commission may require, furnish to the Commission a detailed statement, in the form the Commission may prescribe, of: (1) the campaign expenses incurred by him and his authorized committees prior to the date of the statement, and (2) the campaign expenses which he and his authorized committees propose to incur on or after the date of the statement.

Provides that the Commission shall require a statement under this subsection from each candidate at least once each week during the second, third, and fourth weeks preceding the day of any Federal election in which he is a candidate and at least twice during the week preceding election day.

Requires the Commission to, as soon as possible after it receives a statement, prepare and publish a summary of the statement, together with any other data or information which it deems advisable, in the Federal Register.

Requires the Commission to, as soon as practicable after each Federal election, submit a full report to the Senate and House of Representatives. Provides penalties for violations of this Act.

States that no candidate for Federal office may make expenditures or contributions from his personal funds in connection with his campaign for nomination for election, or for election, in excess of $250.

States that two dollars shall be paid over to the Federal Election Campaign Fund for every individual (other than a nonresident alien) whose income tax liability for any taxable year is $2 or more unless the individual designates that $2 shall not be paid over to the Fund; and that if a husband and wife file a joint return and have an income tax liability of $4 or more, $4 shall be paid over to the Fund unless they designate that $4 shall not be paid to the Fund.