Fair Elections and Political Accountability Act

[AI summary unavailable — showing source text] Fair Elections and Political Accountability Act - Amends the Federal Election Campaign Act of 1971 (FECA) to eliminate current limitations on Federal election campaign contributions after 1998. Requires (current law permits) electronic filing of FECA reports. Repeals reporting requirements for certain contributions received by authorized committees and replaces them with reporting requirements for certain contributions received by political committees. Directs the Federal Election Commission to make information contained in FECA reports submitted available on the Internet and publicly available at the Commission's offices within 24 hours after the information is received by the Commission. Eliminates thresholds for the disclosure of the identification of certain contributors. Repeals the requirement that political committees record the identification of any person who makes any contribution in excess of $50. Bans contributions from individuals not qualified to register to vote in Federal elections. Prohibits the funding of the political activities of national banks, corporations, and labor organizations, with the exception of contributions and expenditures made by separate segregat…