Federal Election Reform Act of 1985

Federal Election Reform Act of 1985 - Amends the Federal Election Campaign Act of 1971 to place individual and multicandidate committee contributions under the indexing provisions of the Consumer Price Index.

Triples the formula ceiling on expenditures made by national and State political committees for candidates in general election campaigns for Federal office.

Triples from $17,500 to $52,500 the total which may be contributed to a Senatorial candidate in an election year by: (1) the national committee of a political party; or (2) by the Republican or Democratic Senatorial Campaign Committees.

Increases threefold the limits placed upon individual and multicandidate political committee contributions to other congressional or Senatorial candidates in a campaign where one candidate has contributed personal funds to his or her campaign in excess of $50,000 (or $100,000 for a Senatorial candidate in a State with three or more congressional districts). Denies such increase to the candidate who has made the excess contribution.

Requires a congressional or Senatorial candidate to notify all opponents and the Federal Election Commission (Commission) within five days of making a contribution which would bring such candidate's total contribution to his or her own campaign in excess of specified amounts.

Applies such trebled limits and reporting requirements to campaign debts which candidates reasonably believe will require personal contributions to their campaigns in excess of specified amounts.

Triggers a trebled contribution ceiling to a candidate's opponent upon: (1) receipt of notice by the Commission that such candidate has incurred campaign debts probably requiring personal expenditures in excess of specified amounts; or (2) the Commission's determination that a candidate has failed to file a timely declaration that personal contribution will likely exceed the statutory limit.

Requires a multicandidate political committee soliciting voluntary contributions to disclose the prospective contributor's right to direct a portion of a contribution to a specific candidate. Requires such a committee to act as a conduit for the directed portion of the contribution or return the entire contribution.

Establishes guidelines under which independent expenditures made to a clearly identified candidate or to opponents of a clearly identified candidate will be charged as contributions to the particular candidate or candidates.