Federal Election Campaign Reform Act

Federal Election Campaign Reform Act - Establishes the Federal Elections Commission as an independent establishment in the executive branch, which shall be composed of six members, no more than three of which shall be of the same party. Provides that two members shall be appointed by the President, two by the Speaker of the House of Representatives and two by the President pro tempore of the Senate.

Empowers the Commission to subpoena or require testimony and records.

Requires each candidate to designate a central campaign committee, which shall forward all reports and statements to the Commission and shall receive reports from subordinate political committees.

Provides that upon written request the Commission may render an advisory opinion with respect to whether any specific transaction or activity by the requesting individual, candidate, or political committee would constitute a violation of the law.

Transfers specified materials from the Comptroller General, Secretary of the Senate, and Clerk of the House of Representatives to the Commission.

Makes technical and conforming amendments to the Federal Election Campaign Act of 1971.

Provides that no individual or organization, with the exception of specified political committees, may make any contributions to or for any candidate for Federal office. Sets limits on the aggregate amount of contributions which an individual may make. Sets limitations on contributions of currency, United States and foreign, which a person may make for the benefit of any candidate or political committee. Imposes criminal penalties for violations of this Act.