Sec. 201 Benefits and eligibility requirements for Congressional candidates
“V Public financing of congressional election campaigns
“A Benefits
“501. Benefits for participating candidates
“(a) In general—If a candidate for election to the office of Senator or Representative in, or Delegate or Resident Commissioner to, the Congress is a participating candidate under this title with respect to an election for such office, the candidate shall be entitled to payments under this title, to be used only for authorized expenditures in connection with the election.
“(b) Amount of payment
“(1) Match of qualified contributions—Subject to paragraph (2), the amount of a payment made to a participating candidate under this title shall be equal to 500 percent of the amount of qualified contributions received by the candidate since the most recent payment made to the candidate under this title with respect to the election, as set forth—
“(A) in the case of the first payment made to the candidate with respect to the election, in the report filed under section 511(a)(2); and
“(B) in the case of any subsequent payment made to the candidate with respect to the election, in the report of qualified contributions filed under subsection (c).
“(2) Limitation—In determining the amount of qualified contributions received by a candidate for purposes of making a payment under this section, there shall be disregarded any amount of contributions from any person to the extent that the total of the amounts contributed by such person for the election exceeds $250.
“(c) Reports
“(1) In general—Each participating candidate shall file reports of receipts of qualified contributions at such times and in such manner as the Commission may by regulations prescribe.
“(2) Contents of reports—Each report under this subsection shall disclose each qualified contribution received by the candidate since the most recent report filed under this section, and shall state the aggregate amount of all such qualified contributions received since the most recent report filed under this section.
“(3) Frequency of reports—Reports under this subsection shall be made no more frequently than—
“(A) once every month until the date that is 90 days before the date of the election;
“(B) once every week after the period described in subparagraph (A) and until the date that is 21 days before the election; and
“(C) once every day after the period described in subparagraph (B).
“(4) Limitation on regulations—The Commission may not prescribe any regulations with respect to reporting under this subsection with respect to any election after the date that is 180 days before the date of such election.
“(d) Limit on aggregate amount of payments—The aggregate amount of payments that may be made under this title to a participating candidate during an election cycle may not exceed—
“(1) $2,000,000, in the case of a candidate for the office of Representative in, or Delegate or Resident Commissioner to, the Congress; or
“(2) $10,000,000, in the case of a candidate for the office of Senator.
“502. Administration of payments
“(a) Timing—The Commission shall make payments under this title to a participating candidate—
“(1) in the case of the first payment made to the candidate with respect to the election, not later than 48 hours after the date on which such candidate is certified as a participating candidate under section 513; and
“(2) in the case of any subsequent payment made to the candidate with respect to the election, not later than 5 business days after the receipt of a report made under section 501(c).
“(b) Method of payment—The Commission shall distribute funds available to participating candidates under this title through the use of an electronic funds exchange or a debit card.
“(c) Appeals—The Commission shall provide a written explanation with respect to any denial of any payment under this title and shall provide for the opportunity for review and reconsideration within 5 business days of such denial.
“503. Qualified contribution defined
“In this title, the term qualified contribution means, with respect to a candidate, a contribution that meets each of the following requirements:
“(1) The contribution is in an amount that is not greater than the limit on the amount of a contribution that may be accepted by a participating candidate from an individual under section 521(a).
“(2) The contribution is made by an individual who is not otherwise prohibited from making a contribution under this Act.
“(3) The contribution is not—
“(A) forwarded from the contributor by any person other than an individual; or
“(B) received by the candidate or an authorized committee of the candidate from a contributor or contributors, but credited by the committee or candidate to another person who is not an individual through records, designations, or other means of recognizing that a certain amount of money has been raised by such person.
“(4) The contribution meets the requirements of section 512(b).
“B Eligibility and certification
“511. Eligibility
“(a) In general—A candidate for the office of Senator or Representative in, or Delegate or Resident Commissioner to, the Congress is eligible to be certified as a participating candidate under this title with respect to an election if the candidate meets the following requirements:
“(1) During the election cycle for the office involved, the candidate files with the Commission a statement of intent to seek certification as a participating candidate.
“(2) The candidate meets the qualified contribution requirements of section 512 and submits to the Commission a report disclosing each qualified contribution received by the candidate and stating the aggregate amount of all such qualified contributions received.
“(3) Not later than the last day of the qualifying period, the candidate files with the Commission an affidavit signed by the candidate and the treasurer of the candidate's principal campaign committee declaring that the candidate—
“(A) has complied and, if certified, will comply with the contribution and expenditure requirements of section 521;
“(B) if certified, will run only as a participating candidate for all elections for the office that such candidate is seeking during the election cycle; and
“(C) has either qualified or will take steps to qualify under State law to be on the ballot.
“(b) General election—Notwithstanding subsection (a), a candidate shall not be eligible to receive a payment under this title for a general election or a general runoff election unless the candidate’s party nominated the candidate to be placed on the ballot for the general election or the candidate is otherwise qualified to be on the ballot under State law.
“(c) Qualifying period defined—The term qualifying period means, with respect to any candidate for the office of Senator or Representative in, or Delegate or Resident Commissioner to, the Congress, the 120-day period (during the election cycle for such office) which begins on the date on which the candidate files a statement of intent under section 511(a)(1), except that such period may not continue after the date that is 60 days before—
“(1) the date of the primary election; or
“(2) in the case of a State that does not hold a primary election, the date prescribed by State law as the last day to qualify for a position on the general election ballot.
“512. Qualified contribution requirements
“(a) Receipt of qualified contributions
“(1) In general—A candidate meets the requirements of this section if, during the qualifying period described in section 511(c), the candidate obtains—
“(A) a single qualified contribution from a number of individuals equal to or greater than—
“(i) in the case of a candidate for election the office of Representative in, or Delegate or Resident Commissioner to, the Congress, 400, or
“(ii) in the case of a candidate for the office of Senator, the product of 400 and the number of Congressional districts in the State involved as of the date of the election; and
“(B) a total dollar amount of qualified contributions equal to or greater than—
“(i) in the case of a candidate for election the office of Representative in, or Delegate or Resident Commissioner to, the Congress, $40,000, disregarding any amount of contributions from any person to the extent that the total of the amounts contributed by such person for the election exceeds $250, or
“(ii) in the case of a candidate for the office of Senator, the product of $40,000 and the number of Congressional districts in the State involved as of the date of the election, disregarding any amount of contributions from any person to the extent that the total of the amounts contributed by such person for the election exceeds $250.
“(2) Exclusion of contributions from out-of-State residents—In determining the number of qualified contributions obtained by a candidate under paragraph (1)(A) and the dollar amount of qualified contributions obtained by a candidate under paragraph (1)(B), there shall be excluded any contributions made by an individual who does not have a primary residence in the State in which such candidate is seeking election.
“(b) Requirements relating to receipt of qualified contribution—Each qualified contribution—
“(1) may be made by means of a personal check, money order, debit card, credit card, or electronic payment account;
“(2) shall be accompanied by a signed statement containing the contributor’s name and the contributor's address in the State in which the primary residence of the contributor is located; and
“(3) shall be acknowledged by a receipt that is sent to the contributor with a copy kept by the candidate for the Commission and a copy kept by the candidate for the election authorities in the State with respect to which the candidate is seeking election.
“(c) Prohibiting payment on commission basis of individuals collecting qualified contributions—No person may be paid a commission on a per qualified contribution basis for collecting qualified contributions.
“513. Certification
“(a) Deadline and Notification
“(1) In general—Not later than 10 days after a candidate files an affidavit under section 511(a)(3), the Commission shall—
“(A) determine whether or not the candidate meets the requirements for certification as a participating candidate;
“(B) if the Commission determines that the candidate meets such requirements, certify the candidate as a participating candidate; and
“(C) notify the candidate of the Commission's determination.
“(2) Deemed certification for all elections in election cycle—If the Commission certifies a candidate as a participating candidate with respect to the first election of the election cycle involved, the Commissioner shall be deemed to have certified the candidate as a participating candidate with respect to all subsequent elections of the election cycle.
“(b) Revocation of certification
“(1) In general—The Commission may revoke a certification under subsection (a) if—
“(A) a candidate fails to qualify to appear on the ballot at any time after the date of certification (other than a candidate certified as a participating candidate with respect to a primary election who fails to qualify to appear on the ballot for a subsequent election in that election cycle); or
“(B) a candidate otherwise fails to comply with the requirements of this title, including any regulatory requirements prescribed by the Commission.
“(2) Repayment of benefits—If certification is revoked under paragraph (1), the candidate shall repay to the Empowering Citizens Payment Account of the Presidential Election Campaign Fund (established under section 9051 of the Internal Revenue Code of 1986) an amount equal to the value of benefits received under this title with respect to the election cycle involved plus interest (at a rate determined by the Commission) on any such amount received.
“(c) Participating Candidate defined—In this title, a “participating candidate” means a candidate for the office of Senator or Representative in, or Delegate or Resident Commissioner to, the Congress who is certified under this section as eligible to receive benefits under this title.
“C Requirements for Candidates Certified as Participating Candidates
“521. Restrictions on certain contributions and expenditures
“(a) 50 percent reduction in otherwise applicable contribution limits—In the case of a candidate who is certified as a participating candidate under this title with respect to an election, the limit applicable under paragraph (1)(A) or paragraph (2)(A) of section 315(a) to the amount of a contribution which may be made to the candidate and any authorized committee of the candidate with respect to the election shall be equal to 50% of the amount applicable under such paragraph to a contribution made to a candidate with respect to the election who is not certified as a participating candidate under this title.
“(b) Prohibiting acceptance of contributions bundled by registered lobbyists—A candidate who is certified as a participating candidate under this title with respect to an election, and any authorized committee of such a candidate, may not accept any contribution with respect to the election which is a bundled contribution (as defined in section 304(i)(8)) forwarded by or credited to a person described in section 304(i)(7).
“(c) Limit on expenditures from personal funds—A candidate who is certified as a participating candidate under this title may not make expenditures from personal funds (as defined in section 304(a)(6)(B)) in an aggregate amount exceeding $50,000 with respect to any election in the election cycle involved.
“(d) Prohibiting solicitation of funds for political party committees—A candidate who is certified as a participating candidate under this title may not solicit funds for any political committee of a political party, except that the candidate may solicit funds for a separate account of the committee which is established under section 315(d)(5).
“522. Remitting unspent funds after election
“(a) In general—Not later than the date that is 60 days after the last election for which a candidate certified as a participating candidate qualifies to be on the ballot during the election cycle involved, such participating candidate shall remit to the Commission for deposit in the Empowering Citizens Payment Account of the Presidential Election Campaign Fund (established under section 9051 of the Internal Revenue Code of 1986) an amount equal to the lesser of—
“(1) the amount of money in the candidate’s campaign account; or
“(2) the amount of the payments received by the candidate under this title.
“(b) Exception for expenditures incurred but not paid as of date of remittance
“(1) In general—Subject to subsection (a), a candidate may withhold from the amount required to be remitted under paragraph (1) of such subsection the amount of any authorized expenditures which were incurred in connection with the candidate’s campaign but which remain unpaid as of the deadline applicable to the candidate under such subsection, except that any amount withheld pursuant to this paragraph shall be remitted to the Commission not later than 120 days after the date of the election to which such subsection applies.
“(2) Documentation required—A candidate may withhold an amount of an expenditure pursuant to paragraph (1) only if the candidate submits documentation of the expenditure and the amount to the Commission not later than the deadline applicable to the candidate under subsection (a).
“D Administrative provisions
“531. Administration by Commission
“The Commission shall prescribe regulations to carry out the purposes of this title, including regulations to establish procedures for—
“(1) verifying the amount of qualified contributions with respect to a candidate;
“(2) effectively and efficiently monitoring and enforcing the limits on the raising of qualified contributions;
“(3) effectively and efficiently monitoring and enforcing the limits on the use of personal funds by participating candidates; and
“(4) monitoring the use of payments under this title through audits of not fewer than 1/3 of all participating candidates or other mechanisms.
“532. Violations and penalties
“(a) Civil penalty for violation of contribution and expenditure requirements—If a candidate who has been certified as a participating candidate accepts a contribution or makes an expenditure that is prohibited under section 521, the Commission shall assess a civil penalty against the candidate in an amount that is not more than 3 times the amount of the contribution or expenditure. Any amounts collected under this subsection shall be deposited into the Empowering Citizens Payment Account of the Presidential Election Campaign Fund (established under section 9051 of the Internal Revenue Code of 1986).
“(b) Repayment for improper use of Empowering Citizens Payment Account
“(1) In general—If the Commission determines that any benefit made available to a participating candidate was not used as provided for in this title or that a participating candidate has violated any of the dates for remission of funds contained in this title, the Commission shall so notify the candidate and the candidate shall pay to the Empowering Citizens Payment Account of the Presidential Election Campaign Fund an amount equal to—
“(A) the amount of benefits so used or not remitted, as appropriate; and
“(B) interest on any such amounts (at a rate determined by the Commission).
“(2) Other action not precluded—Any action by the Commission in accordance with this subsection shall not preclude enforcement proceedings by the Commission in accordance with section 309(a), including a referral by the Commission to the Attorney General in the case of an apparent knowing and willful violation of this title.
“533. Election cycle defined
“In this title, the term election cycle means, with respect to an election for the office of Senator or Representative in, or Delegate or Resident Commissioner to, the Congress, the period beginning on the day after the date of the most recent general election for that office (or, if the general election resulted in a runoff election, the date of the runoff election) and ending on the date of the next general election for that office (or, if the general election resulted in a runoff election, the date of the runoff election).”