Congressional Campaign Financing Act

Congressional Campaign Financing Act - Establishes, within the Internal Revenue Code, procedures by which candidates for nomination for election, or for election to either House of Congress may receive payments of public funds in amounts matching contributions made to the candidates' nomination or election campaign funds.

Defines terms used in the Act.

Establishes, within the Presidential Election Campaign Fund, a separate Congressional election payment account. Sets forth procedures by which the Secretary of the Treasury may make payments from such account to the campaign funds of candidates certified by the Federal Election Commission as eligible to receive payments.

Limits to $100 the amount of a contribution which an individual may make to one candidate's primary election campaign or to that candidate's general election campaign.

Requires the Federal Election Commission to examine and audit the qualified campaign expenses of every candidate and to require the candidate to repay to the Secretary the amount of any excess payments made by the Secretary. Requires the Commission to report to Congress at the end of each Federal general election year on the qualified campaign expenses of each candidate, the amount paid to each candidate, and the amount of repayments required from candidates. Authorizes the Commission to bring action in any United States district court to recover any amounts deemed payable to the Secretary as the result of an audit.

Establishes a criminal penalty consisting of a fine of up to $25,000, or 5 years in prison, or both for violation of the limitations on expenditures. Establishes a criminal penalty consisting of a fine of $10,000, or 5 years in prison, or both for knowingly using payments made pursuant to this act for unauthorized purposes. Establishes identical penalties for knowingly furnishing false information to the Federal Election Commission or for withholding information requested by the Commission, and for knowingly giving or accepting kickbacks or illegal payments.