Presidential Campaign Financing Act

Summary

Presidential Campaign Financing Act - Increases the amounts allowable under the Internal Revenue Code for political contribution credits and deductions. Directs the Secretary of the Treasury to give publicity to the Presidential Election Campaign Fund, including prominent notice in explanatory material sent to individuals and the use of the media. Requires that, in order to be eligible to receive any payment, the candidates of a major, minor, or new party in a presidential election shall certify to the Comptroller General, under penalty of perjury, that they and their authorized committees will not incur qualified campaign expenses in excess of the $30,000,000 limit. Provides criminal penalties for such excess campaign expenses and contributions. Presidential Matching Payment Fund Act - Sets forth the definition of "qualified campaign expense" as used in this Act. Establishes the "Presidential Primary Matching Payment Fund". Directs the Secretary of the Treasury to be the trustee of the fund and to report to the Congress each year on the operation and status of the fund. Authorizes appropriations out of any money in the Treasury, not otherwise appropriated, of such sums as may be necessary to carry out the provisions of this Act. Provides that each candidate in the Presidential primaries is entitled to matching payments from the Treasury for the first $100 or less received from each individual contributor. Requires candidates to accumulate $100,000 in matchable contribution before the first Treasury matching payments are made. States that no candidate may spend more than $15 million in his campaign for the Presidential nomination. Provides criminal penalties for exceeding the overall primary spending limits, and for unlawful use of payments, false statements to the Comptroller General, and kickbacks and illegal payments. Requires that each candidate designate one political committee as his central campaign committee, and allows specified candidates to designate one political committee in each State in which he is a candidate as his State campaign committee for that State. Directs each candidate to designate one National or State bank as his campaign depository. Requires the central campaign committee of that candidate, and any other political committee authorized by him, to receive contributions or to make expenditures on his behalf to maintain a checking account at the depository so designated by the candidate and shall deposit any contributions received by that committee into that account. Provides that a political committee may maintain a petty cash fund out of which it may make expenditures not in excess of $100 to any person in connection with a single purchase or transaction. States that no political committe shall receive a contribution, or contributions in the aggregate, from any person of $100 or more other than in the form of a check drawn on the account of the person making the contribution. Provides that no person may make any contribution during any calendar year to or for the benefit of any candidate for nomination for election, or for election, to the office of President in excess, in the aggregate, of: (1) $3,000 to such candidate; and (2) $1,000 to a fund maintained by a political party solely to finance the general election campaign of its candidate for President; or (3) $25,000 in the case of a political committee which collects funds from individuals in amounts which do not exceed $25 from any individual in any calendar year. Sets forth the circumstances under which such limitations shall not apply. States that whoever: (1) being a candidate, officer, employee, or agent of a political committee, or a person acting on behalf of any candidate or political committee, embezzles, knowingly converts to his own use, or to any other noncampaign use, or deposits in any place or in any manner except as authorized by law, any contributions or campaign funds entrusted to him or under his possession, custody or control; or (2) receives, conceals, or retains the same with intent to convert it to his use or gain, knowing it to have been embezzled or converted; shall be fined not more than $50,000 or imprisoned not more than five years, or both; but if the value of such property does not exceed the sum of $100, he shall be fined not more than $1000 or imprisoned not more than one year, or both.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 July 1973

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 24 July 1973

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 24 July 1973

  Open at official source

Sponsors

• Sen. Mondale, Walter F. [D-MN] · D · Sponsor
• Sen. Schweiker, Richard S. [R-PA] · R · Cosponsor
• Sen. Hart, Philip A. [D-MI] · D · Cosponsor
• Sen. Humphrey, Hubert H. [D-MN] · D · Cosponsor
• Sen. Stafford, Robert T. [R-VT] · R · Cosponsor
• Sen. Hughes, Harold E. [D-IA] · D · Cosponsor
• Sen. Clark, Dick [D-IA] · D · Cosponsor
• Sen. McGee, Gale W. [D-WY] · D · Cosponsor
• Sen. Abourezk, James [D-SD] · D · Cosponsor
• Sen. Nelson, Gaylord [D-WI] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Presidential Campaign Financing Act