Federal Election Financing Act

[AI summary unavailable — showing source text] Federal Election Financing Act - Provides, under the Federal Election Campaign Act, for the public financing of election campaigns. Sets forth the definitions of terms used in this Act. Establishes, as an independent establishment of the executive branch, a commission to be known as the Federal Election Commission, to be composed of seven members who shall be appointed by the President by and with the advice and consent of the Senate. Enumerates the powers of the Commission, including: (1) to require any person to submit in writing reports and answers to questions the Commission may prescribe; (2) to administer oaths; (3) to require by subpoena the attendance and testimony of witnesses; and (4) to initiate, defend, or appeal any court action in the name of the Comission for the purpose of enforcing the provisions of this title and of title III. Requires each candidate to designate one political committee as his central campaign committee. States that no political committee may accept contributions or make expenditures in connection with the campaign of a candidate unless that candidate designates that committee as one of his authorized political committees. Directs, each candidate …