Congressional Campaign Financing Act of 1979

Congressional Campaign Financing Act of 1979 - Amends the Internal Revenue Code to entitle to campaign payments congressional candidates who agree to certain reporting and recordkeeping procedures and certify that: (1) they and their authorized committees will not incur campaign expenses in excess of certain limitations; and (2) they have received contributions in excess of a specified sum.

Sets the amount of payments to an eligible candidate at the amount of contributions received up to a specified maximum. Stipulates that sums given by any one contributor totalling over $100 shall be disregarded for purposes of matching grants.

Restricts use of funds forwarded under this Act to defraying campaign expenses either directly or through repayment of campaign loans.

Amends the Federal Election Campaign Act of 1971 to specify spending limits for candidates receiving payments under this Act. Waives such limits for sums in excess of the limit imposed for candidates receiving payments.

Directs the Secretary of the Treasury to establish a separate Congressional Election Payment Account in the Presidential Election Campaign Fund and to deposit certain sums in such account in accordance with specified guidelines.

Requires repayment by a candidate of excess payments and unexpended payments. Establishes criminal penalties for use of funds for other than campaign purposes. Authorizes the Federal Election Commission to institute repayment actions in district courts.

Specifies the administrative authority of the Commission in carrying out this Act. Directs the Commission to: (1) conduct an audit of the qualified campaign expenses of every candidate who receives matching payments; and (2) report to Congress with respect to such expenses and payments, such report to be made readily available to the public.