Congressional Election Financing Act

Congressional Election Financing Act - Adds to the Federal Election Campaign Act of 1971 a Title V: Public Financing of Congressional Elections. Sets forth the definitions of terms to be used in this Act. States that to be eligible to receive payments under this title, a candidate for election to Federal Office shall agree: (1) to obtain and to furnish to the Commission any evidence it may request about his campaign expenditures and contributions; (2) to keep and to furnish to the Commission information it may request; (3) to permit an audit and examination by the Commission and to pay any amounts required; and (4) to furnish statements of campaign expenditures and proposed campaign expenditures.

Enumerates the eligibility certification requirements to be met by every candidate prior to receiving payments under this Act. Provides that every eligible candidate is entitled to payments in connection with his primary election campaign in an amount which is equal to the amount of contributions he accepts for that campaign. Describes the amounts which major party and minor party candidates are entitled to receive.

Requires the Secretary of the Treasury to maintain in the Presidential Election Campaign Fund a separate account to be known as the Congressional Election Account. Directs the Secretary to deposit in the Account the amount available after payments for Presidential elections and nominating conventions have been set aside plus such additional amounts as may be authorized to be appropriated to carry out this title. Directs the Secretary to pay to candidates from this Account the amounts certified by the Federal Elections Commission.

Requires that, after each congressional election, the Commission shall conduct a thorough examination and audit of the campaign expenditures of all candidates who received payments under this title. Provides for repayment of funds to the Account in the case of excess payments, the failure to make expenditures of any portion of the payments received, or the expenditure of such payments for purposes other than campaign expenses.

Directs every candidate to furnish a detailed statement of expenditures and proposed expenditures whenever the Commission so requires, and directs the Commission to make available for public inspection summaries of all such statements.

Requires the Commission to submit an annual report to Congress setting forth the expenditures of each candidate who received payments, the amounts certified for payment to each, and any amount required to be returned by a candidate. States that each such report submitted shall be printed as a Senate document.

Imposes for violation of this title a fine of not more than $50,000, or not more than five years imprisonment, or both.

Raises from $1 to $2 the amount which each individual may designate to be paid from his federal income taxes to the Presidential Election Campaign Fund.