Federal Election Financing Act

Federal Election Financing Act - Provides, under the Federal Election Campaign Act, for the public financing of election campaigns. Sets forth the definitions of terms used in this Act.

Establishes, as an independent establishment of the executive branch, a commission to be known as the Federal Election Commission, to be composed of seven members who shall be appointed by the President by and with the advice and consent of the Senate. Enumerates the powers of the Commission, including: (1) to require any person to submit in writing reports and answers to questions the Commission may prescribe; (2) to administer oaths; (3) to require by subpoena the attendance and testimony of witnesses; and (4) to initiate, defend, or appeal any court action in the name of the Comission for the purpose of enforcing the provisions of this title and of title III.

Requires each candidate to designate one political committee as his central campaign committee. States that no political committee may accept contributions or make expenditures in connection with the campaign of a candidate unless that candidate designates that committee as one of his authorized political committees.

Directs, each candidate to designate one National or State bank as his campaign depository. Provides that no expenditure may be made by any candidate or committees except by check drawn on that account upon written order of the candidate or the written order of another person authorized in writing by the candidate to make such expenditures, other than petty cash expenditures.

Requires every candidate to: (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 to pay any amounts required; and (4) agree to furnish statements of campaign expenses and proposed campaign expenses.

Sets limitations on the amount of expenditures a candidate may make in connection with his primary election campaign.

Provides that no person may make a contribution on behalf of a candidate for use in connection with that candidate's campaign for nomination for election, or election, which, when added to all other contributions made by that person on behalf of the candidate during the twelve month period ending with the month during which the contribution is made, equals an amount in excess of $250.

Establishes within the Treasury a trust fund to be known as the Federal Election Campaign Fund. Authorizes to be appropriated to the fund for each fiscal year an amount equal to the sum of the amounts designated for payment into the fund under the Internal Revenue Code. Provides that, upon receipt of a certification from the Commission, the Secretary of the Treasury shall transfer from the fund to the account in the campaign depository, as designated by the candidate, the amount certified by the Commission.

Requires the Commission, after each Federal election to conduct a thorough examination and audit of the campaign expenses of all candidates for Federal office.

Directs every candidate to, as the Commission may require, furnish to the Commission a detailed statement of campaign expenses incurred.

Requires the Commission, as soon as practicable after each Federal election, to submit a full report to the Senate and House of Representatives.

Provides that violation of any provision of this title is punishable by a fine of not more than $50,000, or imprisonment for not more than 5 years, or both.

Authorizes to be appropriated to the Commission, for the purpose of carrying out its functions under this title, such funds as are necessary for the fiscal year ending July 30, 1974, and each fiscal year thereafter.

Makes technical and conforming amendments to the Federal Election Campaign Act.

Repeals the provisions of Federal law relating to the designation of income tax payments for the financing of Presidential election campaigns.