Federal Campaign Reform Act

[AI summary unavailable — showing source text] Federal Campaign Reform Act - Defines the terms used in this Act. Establishes the Federal Election Commission, to be composed of the chairmen (or their delegates) of the national committees of all major parties and 5 members appointed by the President with Senate approval. Provides that it shall be the duty of the Commission: (1) to develop and furnish forms for the making of the reports required to be filed under this Act; (2) to make the reports and statements filed with it available for public inspection and copying; (3) to preserve such reports and statements for a period of ten years from date of receipt; (4) to prepare and publish an annual report including compilations of total reported contributions and expenditures for all candidates, political committees, political action groups, and other persons during the year; (5) to prepare and publish such other reports as it may deem appropriate; (6) to make from time to time audits and field investigations with respect to reports and statements filed under the provisions of this Act; and (7) to report apparent violations of law to the appropriate law enforcement authorities. Provides that each candidate shall designate in every el…