Federal Election Campaign Reform Act

Federal Election Campaign Reform Act - Title I: Reestablishment of the Federal Election Commission - Abolishes the Federal Election Commission established by the Federal Election Campaign Act of 1971 effective February 29, 1976. Provides that the President shall appoint by and with the advice and consent of the Senate six members of the newly established Federal Election Commission for six year terms.

States that the Secretary of the Senate and Clerk of the House of Representatives shall serve as ex officio members of the Commission without the right to vote. Requires the members of the present Commission to serve on the new Commission until all of the new members are appointed and qualified and to carry out such of the Commission's functions as are consistent with specified decisions of the Supreme Court of the United States. Transfers all personnel, property, records, contracts, and liabilities consistent with such decision to the Commission established by this Act from the Commission abolished by this Act.

Authorizes to be appropriated to carry out the functions of the Commission $10,000,000 for fiscal year 1976, $2,500,000 for the period July 1, 1976, through September 30, 1976, and $10,000,000 for fiscal year 1977.

Title II: Public Financing of Primary Elections and General Elections for the Senate - Defines the terms used in this title.

Declares that to be eligible for payments to match campaign funds in a Senatorial primary election a candidate must raise the lesser of 20 percent of the maximum amount he may spend in connection with his primary election campaign as allowed by law or $125,000. Requires no minimum amount in Senatorial primary runoff elections.

Sets no minimum contribution collection limit for Senatorial candidates of major parties in a general election but any other Senatorial candidate must meet the same minimums set by this Act for major party primary elections to be eligible for matching payments in a general election. States that no individual's contribution to a single candidate shall be considered for matching funds to the extent that such contribution exceeds $100.

Allows matching payments to Senatorial candidates of major parties in a general election equal to the maximum he may expend in such election as allowed by law. Allows payments to all other qualified candidates in a Senatorial general election according to a specified formula.

Prohibits payments to any candidate under this Act which when added to the other sums received by him exceeds the maximum expenditure limitation now imposed by law.

Requires the Secretary of the Treasury to maintain within the Presidential Election Campaign Fund the Senate Election Account. Requires all funds deposited in the Fund and not used for Presidential elections and conventions to be credited to the Account to finance the provisions of this Act. Authorizes to be appropriated such sums as may be necessary to supplement such credited funds to carry out the provisions of this Act.

Requires the Commission to audit the records of each candidate receiving payments under this Act. Requires such candidates to refund such payments the Commission determines were made in excess of those allowed by this Act or which were not used for campaign expenses.

Directs each candidate to send to the Commission from time to time a statement of expenditures which he and his authorized committees have incurred or plan to incur. Requires the Commission to publicize such statements.

Requires the Commission, after the close of each calendar year, to report to the Senate all expenditures each candidate has made, amounts certified for payment to such candidate, and amounts required from each candidate and the reasons for each payment required.

Sets forth penalties for violating this Act.

Makes this Act effective upon enactment except that provisions applicable to primary elections for the Senate shall take effect on January 1, 1977.