Federal Election Campaign Act

[AI summary unavailable — showing source text] Federal Election Campaign Act - Prescribes formula for determing how much candidates for Federal elective office may spend in elections for all purposes, for communication media, and for broadcast media. Requires expenditures in excess of $100 on behalf of Presidential and Vice Presidential candidates to be approved by a representative of the party national committee. States that no authorized committee may accept contributions from other than individuals or political party organizations. Sets a $25,000 limit which such contributions may not exceed for a Presidential election and $5,000 for other Federal offices. Limits cash contributions to $100. Requires that contributions go only to the authorized committee of a candidate. Describes the purposes for which contributions may be expended. Requires reports from the authorized committees on their finances to be made to the Federal Election Commission. Establishes the Federal Election Commission as an independent establishment of the executive branch, which may require reports and testimony from persons, to initiate civil actions, and to present evidence of violations of this Act to a grand jury and to prosecute such violations. Prohi…