Federal Campaign Act Amendments

Federal Campaign Act Amendments - Limits expenditures from the personal funds of a candidate or his family to $50,000 for President or Vice President; $25,000 for a Senator; $10,000 for a Representative; and $100,000 for a party or political committee. Permits an adjustment for inflation to be added to the above limitations for any year after 1976.

Repeals provisions which limit contribution to any candidate by a political committee.

Allows any individual to make contributions not to exceed the aggregate amount of $100,000. Prohibits any candidate or political committee, officer, or agent from knowingly accepting any contribution made in violation of these provisions. Imposes a fine of not more than $25,000 or a sentence of not more than one year, or both, for such violations.

Requires any candidate or political committee who receives any contribution greater than the following to disclose the source of such contribution: (1) $1,000 for election to the office of President; (2) $500 for election to the Senate; or (3) $250 for election to the House of Representatives.

Requires every person who makes expenditures for communication that expressly advocates the election or defeat of a clearly identified candidate in an aggregate amount in excess of $2,500 per year to file a statement with the Federal Election Commission.

Allows for a four year adjustment for inflation of the above stated amounts.

Makes it the duty of the treasurer of a political committee to keep a detailed record of the identification of every person making a contribution in excess of $100.

Redefines the terms "contibution" and "political committee" for purposes of the Federal Campaign Act of 1971.

Amends the Federal Election Campaign Act of 1971 to establish the Federal Election Commission whose members are the Secretary of the Senate (ex offico), the Clerk of thr House (ex officio), and six members appointed by the President with the advice and consent of the Senate. States that no more than three members appointed by the President may be of the same political party.

Enumerates the powers of the Federal Election Commission including: (1) certification of candidates for the receipt of funds; (2) compilation of a cumulative index of reports and statements filed with the Commission; and (3) preparation of an annual report containing breakdowns of reported contributions and expenditures.

Establishes an Election Law Section in the Department of Justice to enforce Federal election laws. Provides for the appointment of a Director and Deputy Director of the Election Law Section.

Empowers the Election Law Section to render advisory opinions as to whether a specific transaction or activity would be in violation of this Act or other Federal election laws.

Authorizes the Election Law Section to prescribe guidelines and to conduct investigations and audits in order to facilitate the enforcement of such laws.

Sets the expenditure limitations for Presidential candidates of: (1) $10,000,000 for a candidate seeking nomination for election to the office of President; and (2) $20,000,000 for a candidate seeking election to the office of President. States that expenditures made by or on behalf of any candidate nominated by a political party for election to the office of Vice President shall be considered to be expenditures made for election to the office of President. Provides for an inflation increase to be added to the expenditure limitations on an annual basis. Allows the national committee and the State committee of a political party to make expenditures in connection with the general election campaign of that candidate without reducing the amount which that candidate may spend. Restricts the national committee's spending to two cents multiplied by the voting age population of the United States.