Deficit Reduction Campaign Finance Reform Act

Summary

Deficit Reduction Campaign Finance Reform Act - Amends the Federal Election Campaign Act of 1971 to provide for public financing of Senate general election campaigns. Sets forth conditions of eligibility for, and entitlement to, payments. Establishes the formula for determining such payments, based upon State voting-age populations and whether a candidate is of a minor or major political party. Declares that eligible candidates are entitled to such payments only to defray qualified campaign expenses. Authorizes additional entitlements to opponents of nonpublicly financed candidates to match those contributions or expenditures raised, incurred, or expended which are in excess of the opponent's entitlement. Requires the Federal Election Commission to certify to the Secretary of the Treasury the full amount to which an eligible candidate is entitled. Directs the Secretary to establish the Senate General Election Campaign Fund for the deposit of funds for payments to eligible candidates. Directs the Commission, after each election, to audit the campaign expenses of publicly financed candidates. Requires such candidates to repay any excess amounts received. Establishes criminal penalties for violations of this Act. Directs the Commission to report to the Senate after each election on actions taken. Provides for judicial review of such Commission actions. Amends the Internal Revenue Code to repeal provisions relating to tax credits for contributions to candidates for public office.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 24 October 1985

  Open at official source

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