Congressional Public Financing Act

Summary

Congressional Public Financing Act - Adds a new subtitle to the Internal Revenue Code: the Congressional Election Campaign Fund Act. Directs the Secretary of the Treasury to maintain in the Presidential Election Campaign Fund a separate account to be known as the Congressional Election Payment Account. Directs the Secretary to deposit into the Congressional Election Payment Account that portion of the annual amounts designated by taxpayers on their income tax returns that equals the excess above 25 percent of the total amount made available in the last Presidential election. Authorizes the Federal Election Commission to conduct an examination and audit of the campaign contributions raised for purposes of obtaining matching funds and the qualified campaign expenditures made by all candidates for Federal office and official political party committees who received payments under this Act. Provides criminal penalties for violations of this Act. Provides for payments of funds in amounts matching the contributions received by candidates for the office of U.S. Senator or U.S. Representative. Imposes limitations on the amounts of such funds to be disbursed to any individual candidate, and restricts the uses to which such matching funds may be put.

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1 official file

• Introduced in House

  summary · EN · 31 July 1975

  Open at official source

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