Presidential Election Financial Assistance Act

Presidential Election Financial Assistance Act - Establishes within the Treasury a trust fund to be known as the "Presidential Campaign Assistance Fund". Appropriates to the fund $100,000,000 out of amounts in the general fund of the Treasury not otherwise appropriated. Transfers to the fund all amounts in the Presidential Election Campaign Fund established under the Internal Revenue Code of 1954.

Establishes a Presidential Election Finance Commission which shall be composed of seven members and two members of the Commission shall be appointed by the President, one member shall be appointed by the Speaker of the House of Representatives, one member shall be appointed by the minority leader of the House of Representatives, one member shall be appointed by the majority leader of the Senate and one member shall be appointed by the minority leader of the Senate, and the six members so appointed shall by a majority vote select a seventh member. Provides that the members of the Commission shall elect a Chairman and Vice Chairman from among their members.

Provides that at the close of each fiscal year the Commission shall report to the Congress and to the President concerning its activities and operations during that fiscal year. States that the Commission may make such additional reports to the Congress and to the President on the matters within its jurisdiction, including recommendations for additional legislation, as it deems desirable.

Sets forth the duties and powers of the Commission.

Authorizes the Commission to prescribe such rules and regulations, to conduct such examinations and investigations, and to require the keeping of such books, records, and information, as it deems necessary to carry out the functions and duties imposed on it by this Act. Requires the Commission within one hundred and eighty days after the general election to conduct a complete examination and audit of the expenditures made, expenses incurred, and financial assistance received by or on behalf of any candidate who has received assistance under this Act in connection with his election campaign, and shall furnish to the Congress and the President a report of the results of each such examination and audit.

Provides that if the Commission determines on the record after an opportunity for a hearing that any portion of the amount transferred out of the fund to the account of a candidate was for the payment of an expenditure for which payment would not be appropriate under this Act, it shall take appropriate action to secure payment into the fund of an amount equal to such improper payment. States that no determination of an improper payment shall be made initially more than one year after the date of such overpayment.

Declares that in order to be eligible to receive amounts from the fund a candidate shall: (1) file with the Commission at such time and in such manner as it shall require, a sworn statement in which he agrees to maintain and make available to the Commission such records, books, and other information as the Commission may require; (2) furnish the Commission with evidence satisfactory to the Commission that he has qualified under applicable laws for nomination and election to the office which he seeks; and (3) furnish the Commission, in a form prescribed by the Commission, a sworn statement that the candidate and all committees supporting the candidate's campaign over which he exercises any control whatever, including the national committee of the political party for which he is the candidate, will not accept contributions from any other source and that the candidate's personal resources will not be used in the election campaign involved in any way prohibited by this Act.

Provides that the Commission shall promptly notify any candidate who applies for assistance from the fund if he is eligible to receive transfers from the fund, together with a verification of the total amount to which he is entitled. Specifies the procedures by which the qualified candidates shall receive payments from the fund.

Provides that, prior to the transfer of the funds for the revolving account, the candidate shall furnish a surety bond acceptable to the Commission which guarantees that an amount equal to any part of the revolving fund not properly spent and accounted for as provided in this Act will be returned to the fund. States that such bond may be provided by the pledge of sufficient assets by individuals or by purchase from a surety company.

Provides that each candidate making application for the transfer of money from the fund to this account shall establish a single candidate campaign account in a bank insured by the Federal Deposit Insurance Corporation for the sole purpose of receiving transfers from the fund.

Requires the candidate to designate the individuals or combination thereof, not exceedings five who shall be authorized to withdraw funds from the campaign account. States that each such individual shall share responsibility with the candidate, jointly and individually, for compliance with the provisions of this Act.

Provides that no person authorized to make withdrawals from the candidate campaign account shall pay any amount out of that account for goods or services furnished, other than for taxes, government insurance and required fringe payments relating to salaries, except upon presentation of an invoice submitted by the person or firm to whom the payment is to be made. Provides that such invoices and statements shall be preserved by the candidate and made available for reasonable inspection by employees of the Commission.

Provides that the amount which may be transferred out of the fund to the account of a major party candidate to the Presidency is 15 cents, multiplied by the number of citizens of the United States as determined by the most recent decennial census. States that the amount transferable out of the fund to the account of a minor party candidate shall be an amount which bears the same ratio to the amount transferable to the account of a major party candidate for election to the Presidency as the number of popular votes received by the candidate of that minor party in the preceding general election for that office bears to the number of popular votes received by the candidate of the major party who received the lowest number of votes.

Declares that no funds obtained by a candidate in connection with a primary election or other campaign or from any other source whatever may be used to defray or guarantee general election campaign expenses if such candidate accepts funds hereunder; and if a candidate elects to decline the use of funds provided hereunder, such candidate shall fully comply with the Federal Election Campaign Reform Act of 1971 relating to the reporting of contributions and expenditures.

Provides that no candidate for President, including those who do not elect to accept funds under the provisions of this Act, shall (1) receive contributions from any person in connection with a primary election campaign, or a general election campaign, in an aggregate of $250 for each election, and (2) raise additional private funds from his personal resources or those of any one member of his immediate family for use in connection with his primary election campaign, or his general election campaign which, in the aggregate exceeds $250.

Authorizes the Commission to prevent any person from engaging in any acts or practices which constitute or will constitute a violation of any provision of this Act or any regulation or order issued thereunder. Provides that any person who believes a violation of this Act has occurred may file a complaint with the Commission, and if the Commission determines there is reason to believe such a violation has occurred, it shall expeditiously make an investigation.

Authorizes the Commission to hold a public hearing after affording due notice and an opportunity for a hearing by all parties, including the complainant and promptly issue its finding and an appropriate order. Provides that if the respondent fails to comply with the findings and order the Commission shall bring a civil action against any respondent named in the charge. Authorizes the person aggrieved to bring a civil action against the respondent in specified instances.

Provides that a willful violation of any provision of this Act shall be punishable by a fine of not more than $10,000 or imprisonment for not more than one year, or both.

Declares that this Act shall be considered to invalidate or make inapplicable any provision of any State law where compliance with that provision of law would be inconsistent with any provision of this Act.

Provides that the Commission shall consult from time to time with the Comptroller General, the Secretary of the Senate, and the Clerk of the House of Representatives, the Federal Communications Commission and with other Federal officers charged with the administration of laws relating to Federal elections, in order to develop as much consistency and coordination with the administration of such other laws as the provisions of this Act permit.

Authorizes necessary appropriations to carry out the provisions of this Act.