Federal Election Regulation Act

[AI summary unavailable — showing source text] Federal Election Regulation Act - Requires each candidate to designate one political committee as his central campaign committee. Authorizes a candidate for the office of President to designate one political committee in each State in which he is a candidate as his State campaign committee for that State. Requires each candidate to designate one National or State bank as his campaign depository. Requires the central campaign committee of each candidate to maintain a checking account at the depository so designated by the candidate. Stipulates that no expenditure may be made by any such committee on behalf of a candidate or to influence his election except by check drawn on that account. Provides that no political committee shall receive a contribution, or contributions in the aggregate, from any person of $50 or more other than in the form of a check drawn on the account of the person making the contribution. Places a $3,000 limit on individual contributions to a Presidential campaign. Establishes penalties for embezzlement or conversion of political contributions. Increases, under the Internal Revenue Code, the tax credit for political contributions from $12.50 to $25 and the corr…