Congressional Election Finance Act

[AI summary unavailable — showing source text] Congressional Election Finance Act - States that the purpose of the Act is to provide adequate financing for candidates without regard to the private resources available to them; to prevent undue influence by the wealthy and the opportunity for such influence which diminishes public faith in the political system; to determine the degree to which present campaign expenditures are excessive; and to reduce pressures on candidates to become beholden to large contributors. Sets forth the definitions of terms to be used in the Act. Establishes a fund in the Treasury to be known as the Congressional Campaign Assistance Fund. Authorizes appropriations of $500,000 for such fund. Establishes a 7-member Congressional Election Finace Board with staggered six year terms. Requires the Board to make annual fiscal and operational reports to Congress and to the President. Requires the Board to develop appropriate forms, bookkeeping and reporting methods, and a filing and retrieval system. Requires the Board to preserve reports filed with it and keep them available for public inspection. Directs the Board to consult with the Senate Secretary, the House Clerk, and the Comptroller General in order to …