Federal Election Campaign Act Amendments of 1974

Summary

Federal Election Campaign Act Amendments - Title I: Financing of Federal Campaigns - Sets forth the definitions of terms used in this Act. States that to be eligible to receive payments under this title, a candidate for election to Federal Office shall agree: (1) to obtain and to furnish to the Commission any evidence it may request about his campaign expenditures and contributions; (2) to keep and to furnish to the Commission information it may request; (3) to agree to an audit and examination by the Commission and to pay any amounts required; and (4) to furnish statements of campaign expenditures and proposed campaign expenses. Enumerates the eligibility certification requirements to be met by every candidate prior to receiving payments under this Act. Provides that every eligible candidate is entitled to payments in connection with his primary election campaign in an amount which is equal to the amount of contributions he accepts for that campaign. Describes the amounts which major party and minor party candidates are entitled to receive. Prescribes limitations on the expenditures which any candidate may make in connection with the campaign. States that expenditures made by or on behalf of any candidate for the office of Vice President are considered to be made by the candidate for the office of President of the United States with whom he is running. Requires the publication in the Federal Register of the applicable expenditure limitations in effect for the calendar year for the United States, and for each State and congressional district. Establishes in the Treasury a fund to be known as the Federal Election Campaign Fund. Authorizes to be appropriated to the fund amounts equal to the sum of the amounts designated by taxpayers under the Interal Revenue Code not previously taken into account, and such additional amounts as may be necessary to carry out the provisions of this title without any reduction. Requires that, after each Federal election, the Federal Election Commission shall conduct a thorough examination and audit of the campaign expenditures of all candidates for Federal office who receive payments under this title and annnually submit a report to Congress setting forth enumerated items. Empowers the Commission to initiate civil proceedings in any district court of the United States to seek recovery of any amounts determined to be payable to the Secretary of the Treasury by any candidate under this title. Penalizes violations of any provision of this title by a fine of not more than $50,000, or imprisonment for not more than five years, or both. Title II: Changes in Campaign Communications Law and in Reporting and Disclosure Provisions of Federal Election Campaign Act of 1971 - Provides, under the Communications Act of 1934, that no station licensee may charge for the use of any such station by any legally qualified candidate for nomination for election, or for election, to Federal elective office unless such candidate certifies in writing that the payment of such charge will not exceed the limit on expenditures applicable to that candidate. Repeals the Campaign Communication Reform Act. Makes amendments to the definitions of the Federal Election Campaign Act, including the definitions of "political committee," "expenditure," and "political party." Requires each candidate, within ten days after he has qualified under State law as a candidate, or on which he has received a contribution or made an expenditure in connection with his campaign, to file with the Commission a registration statement. Sets forth the required content of such statement. Provides that every person who makes contributions or expenditures, other than by contribution to a political committee or candidate, in an aggregate amount in excess of $100 within a calendar year shall file with the Commission a statement containing the information required by this Act. Prescribes requirements relating to campaign advertising. States that no person shall cause any political advertisement to be published unless he furnishes to the publisher of the advertisement his identification in writing, together with the identification of any person authorizing him to cause such publication. Requires that any publisher of a political advertisement shall maintain public records for two years setting forth such advertisement and any material relating to its identification. Provides for the waiver of reporting requirements in specified instances. Establishes, as an independent establishment of the excutive branch, the Federal Election Commission, composed of the Comptroller General and seven members appointed by the President by and with the advice and consent of the Senate. Specifies the membership composition and terms of office of the Commission. Sets forth the powers of the Commission, including: (1) to administer oaths; (2) to issue subpoenas; (3) to pay witnesses; and (4) to initiate criminal and civil actions in the name of the Commission for the purpose of enforcing provisions of this Act. Requires that each candidate designate one political committee as his central campaign committee. States that no political committee may be designated as the central campaign committee of more than one candidate. Directs each central committee to receive, consolidate, and furnish reports to the Commission. Directs each candidate to designate one or more National or State bank as his campaign depositories. States that a political committee may maintain a petty cash fund out of which it may make expenditures not in excess of $100 in connection with a single transaction. Makes technical and conforming amendments to the Federal Election Campaign Act. Provides that any agency action by the Commission shall be subject to review by the United States Court of Appeals for the District of Columbia Circuit upon petition filed by any interested person. Authorizes to be appropriated to the Commission in each fiscal year, $500,000 for use by the States in complying with their duties under the Federal Election Campaign Act. Requires approval by a national committee of presidential campaign expenditures in excess of $1,000. Authorizes appropriations to the Commission. Imposes penalties for violations of this title. Title III: Crimes Relating to Elections and Political Activities - Makes changes in definitions of terms relating to crimes in connection with elections and political activities. Places dollar limitations on the allowable amount of expenditures of family and personal funds for Federal campaigns. Provides for separate segregated maintenance of contributions by government contractors. Sets limitations on political contributions and expenditures. Imposes penalties for embezzlement or conversion of campaign funds. Title IV: Disclosure of Financial Interests by Certain Federal Offices and Employees - Prescribes Federal employee financial disclosure requirements. Requires that the report contain a full statement of: (1) the amount and source of each income and gift over $100; (2) the identity of each asset and liability valued in excess of $1,000; (3) transactions in securities; (4) transactions in commodities; and (5) transactions in real estate. Title V: Related Internal Revenue Code Amendments - Makes technical and conforming amendments to the Internal Code provisions relating to political contributions credits and deductions. Provides for the doubling of the dollar checkoff relating to designations to the Presidential Election Campaign Fund. Repeals Subtitle H, relating to financing of Presidential election campaigns.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 16 October 1974

  ViewDownloadOpen at official source

• Public Law

  summary · EN · 15 October 1974

  Open at official source

• Introduced in Senate

  summary · EN · 21 February 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.