Vote Smart's Synopsis:

Vote to override a Presidential veto of a bill that applies additional restrictions on campaign financing and establishes a voluntary public financing option for Senate and House of Representatives candidates that provide partial public financing in exchange for adhering to spending limitations and other restrictions.

Highlights:

- Entitles Senate candidates who opt to be included in this public financing system to the following [sec. 101 (503), sec. 131 (a), & sec. 132]:

- Payments equal to the independent expenditure amount (see below highlight), and part of their opponent's expenditure amount in excess of the general election expenditure limit, depending upon the size of the state; - Broadcast media rates for candidates for public office under the Communications Act of 1934 as amended by this Act, including a provision limiting broadcast media rates for Senate candidates during a general election period not to exceed 50 percent of the lowest charge of the station for the same amount of time for the same period on the same date; - Voter contribution vouchers to purchase broadcast time during a general election period equal to 20 percent of the general election expenditure limit, or 10 percent for non-major party candidates; and - Reduced third-class mailing rates during a general election period.

- Defines independent expenditure amount, with respect to payments made to eligible Senate candidates, as the total amount of independent expenditures made, or obligated to be made, during the general election period in opposition to, or on behalf of an opponent of, the candidate [sec. 101 (503) (b) (2)]. - Limits general election expenditures for eligible Senate candidates to the lesser of [sec. 101 (502) (b)]:

- $5.5 million; or - The greater of $950,000 or $400,000 plus 30 cents multiplied by the voting age population up to four million and 25 cents multiplied by the voting age population in excess of four million.

- Requires Senate candidates to adhere to primary and runoff expenditure limits if their campaign contributions are at least 10 percent of the general election expenditure limit or $250,000, whichever is less [sec. 101 (501) (e)]. - Limits primary and runoff campaign expenditures for eligible Senate candidates (see above highlight) to the following amounts [sec. 101 (501) (d)]:

- Primary elections: 67 percent of the general election expenditure limit or $2.75 million, whichever is less; and - Runoff elections: 20 percent of the general election expenditure limit.

- Limits the amount of personal or immediate family funds, including debt, that an eligible Senate candidate may use during an election cycle to 10 percent of the general election expenditure limit or $250,000, whichever is less [sec. 101 (502) (a)]. - Reduces the limit on Political Action Committee contributions to an eligible Senate candidate from $5,000 to $2,500 [sec. 102 (a) (i) (1)]. - Requires the Federal Election Commission (FEC) to examine and audit the campaign accounts of 10 percent of all Senate candidates and their opponents following a general election [sec. 101 (505)]. - Entitles House candidates who opt to be included in this public financing system to receive an amount equal to the amount of contributions from individuals received by the candidate, provided that such an amount does not exceed $200,000 and not to the extent that contributions from any individual exceed $250 in the aggregate [sec. 121 (604) (a)]. - Entitles eligible House candidates to an additional $10,000 if independent expenditures totaling $10,000 are made against him/her or in favor of another candidate, plus additional matching payments equal to such independent expenditures in excess of $10,000 [sec. 121 (604) (b)]. - Entitles eligible House candidates to an additional $50,000 for the general election if they won the primary election by a margin of 10 percent or less [sec. 121 (604) (f)]. - Limits total expenditures for eligible House candidates during an election cycle to $600,000, of which no more than $500,000 may be spent in the general election, with the following exceptions [sec. 121 (601) (a-c)]:

- Candidates running in a special elections are limited to $500,000 in total expenditures; - Candidates running in a runoff election are entitled to make additional expenditures equal to 20 percent of the expenditure limit; and - Candidates running in the general election who won the primary election by a margin of 10 percent or less are entitled to an additional $150,000 in expenditures.

- Limits total contributions that an eligible House candidate may accept for any election cycle to $600,000, except for candidates running in a runoff election who are entitled to accept additional contributions equal to 20 percent of the general election expenditure limit [sec. 121 (603) (a) & (d)]. - Prohibits eligible House candidates from contributing more than $50,000 in personal funds to the campaign during the election cycle [sec. 121 (603) (e)]. - Requires the FEC to examine and audit the campaign accounts of 10 percent of all House candidates and their opponents following a general election. The FEC must examine and audit the campaign accounts of each eligible candidate following a special election [sec. 121 (605) (a)]. - Limits total political committee contributions to House candidates to $200,000, except for candidates running in a runoff election who are entitled to accept an additional $100,000 in such contributions [sec. 122 (j) (1)]. - Limits contributions from individuals other than political committees whose contributions exceed $250 to House candidates to $200,000, except for candidates running in a runoff election who are entitled to accept an additional $100,000 in such contributions [sec. 122 (j) (2)]. - Limits individual contributions to political committees established and managed by a State committee of a political party to $10,000 per year [sec. 311 (a)]. -Limits multi-candidate political committee contributions to political committees established and maintained by a State committee of a political party to $10,000 per year [sec. 311 (b)]. - Specifies that any amount solicited, received, or expended directly or indirectly by a national, State, district, or local committee of a political party with respect to any activity associated with an election to Federal office is subject to the limitations, prohibitions, and reporting requirements of this Act. Such activities include voter registration and get-out the vote activities, campus activities, preparation and distribution of campaign materials, development and maintenance of voter files, and any other activity affecting an election for public office [sec. 312 (324) (a-b)]. - Specifies that contributions made by a someone not of voting age are treated as having been made by the individual's parent or guardian (Sec. 402).

Vetoed by President George Bush

Full Bill Text
Veto Letter

Vote Smart's Synopsis:

Vote to adopt a conference report that applies additional restrictions on campaign financing and establishes a voluntary public financing option for Senate and House of Representatives candidates that provide partial public financing in exchange for adhering to spending limitations and other restrictions.

Highlights:

- Entitles Senate candidates who opt to be included in this public financing system to the following [sec. 101 (503), sec. 131 (a), & sec. 132]:

- Payments equal to the independent expenditure amount (see below highlight), and part of their opponent's expenditure amount in excess of the general election expenditure limit, depending upon the size of the state; - Broadcast media rates for candidates for public office under the Communications Act of 1934 as amended by this Act, including a provision limiting broadcast media rates for Senate candidates during a general election period not to exceed 50 percent of the lowest charge of the station for the same amount of time for the same period on the same date; - Voter contribution vouchers to purchase broadcast time during a general election period equal to 20 percent of the general election expenditure limit, or 10 percent for non-major party candidates; and - Reduced third-class mailing rates during a general election period.

- Defines independent expenditure amount, with respect to payments made to eligible Senate candidates, as the total amount of independent expenditures made, or obligated to be made, during the general election period in opposition to, or on behalf of an opponent of, the candidate [sec. 101 (503) (b) (2)]. - Limits general election expenditures for eligible Senate candidates to the lesser of [sec. 101 (502) (b)]:

- $5.5 million; or - The greater of $950,000 or $400,000 plus 30 cents multiplied by the voting age population up to four million and 25 cents multiplied by the voting age population in excess of four million.

- Requires Senate candidates to adhere to primary and runoff expenditure limits if their campaign contributions are at least 10 percent of the general election expenditure limit or $250,000, whichever is less [sec. 101 (501) (e)]. - Limits primary and runoff campaign expenditures for eligible Senate candidates (see above highlight) to the following amounts [sec. 101 (501) (d)]:

- Primary elections: 67 percent of the general election expenditure limit or $2.75 million, whichever is less; and - Runoff elections: 20 percent of the general election expenditure limit.

- Limits the amount of personal or immediate family funds, including debt, that an eligible Senate candidate may use during an election cycle to 10 percent of the general election expenditure limit or $250,000, whichever is less [sec. 101 (502) (a)]. - Reduces the limit on Political Action Committee contributions to an eligible Senate candidate from $5,000 to $2,500 [sec. 102 (a) (i) (1)]. - Requires the Federal Election Commission (FEC) to examine and audit the campaign accounts of 10 percent of all Senate candidates and their opponents following a general election [sec. 101 (505)]. - Entitles House candidates who opt to be included in this public financing system to receive an amount equal to the amount of contributions from individuals received by the candidate, provided that such an amount does not exceed $200,000 and not to the extent that contributions from any individual exceed $250 in the aggregate [sec. 121 (604) (a)]. - Entitles eligible House candidates to an additional $10,000 if independent expenditures totaling $10,000 are made against him/her or in favor of another candidate, plus additional matching payments equal to such independent expenditures in excess of $10,000 [sec. 121 (604) (b)]. - Entitles eligible House candidates to an additional $50,000 for the general election if they won the primary election by a margin of 10 percent or less [sec. 121 (604) (f)]. - Limits total expenditures for eligible House candidates during an election cycle to $600,000, of which no more than $500,000 may be spent in the general election, with the following exceptions [sec. 121 (601) (a-c)]:

- Candidates running in a special elections are limited to $500,000 in total expenditures; - Candidates running in a runoff election are entitled to make additional expenditures equal to 20 percent of the expenditure limit; and - Candidates running in the general election who won the primary election by a margin of 10 percent or less are entitled to an additional $150,000 in expenditures.

- Limits total contributions that an eligible House candidate may accept for any election cycle to $600,000, except for candidates running in a runoff election who are entitled to accept additional contributions equal to 20 percent of the general election expenditure limit [sec. 121 (603) (a) & (d)]. - Prohibits eligible House candidates from contributing more than $50,000 in personal funds to the campaign during the election cycle [sec. 121 (603) (e)]. - Requires the FEC to examine and audit the campaign accounts of 10 percent of all House candidates and their opponents following a general election. The FEC must examine and audit the campaign accounts of each eligible candidate following a special election [sec. 121 (605) (a)]. - Limits total political committee contributions to House candidates to $200,000, except for candidates running in a runoff election who are entitled to accept an additional $100,000 in such contributions [sec. 122 (j) (1)]. - Limits contributions from individuals other than political committees whose contributions exceed $250 to House candidates to $200,000, except for candidates running in a runoff election who are entitled to accept an additional $100,000 in such contributions [sec. 122 (j) (2)]. - Limits individual contributions to political committees established and managed by a State committee of a political party to $10,000 per year [sec. 311 (a)]. -Limits multi-candidate political committee contributions to political committees established and maintained by a State committee of a political party to $10,000 per year [sec. 311 (b)]. - Specifies that any amount solicited, received, or expended directly or indirectly by a national, State, district, or local committee of a political party with respect to any activity associated with an election to Federal office is subject to the limitations, prohibitions, and reporting requirements of this Act. Such activities include voter registration and get-out the vote activities, campus activities, preparation and distribution of campaign materials, development and maintenance of voter files, and any other activity affecting an election for public office [sec. 312 (324) (a-b)]. - Specifies that contributions made by a someone not of voting age are treated as having been made by the individual's parent or guardian (Sec. 402).

Vote Smart's Synopsis:

Vote to adopt a conference report that applies additional restrictions on campaign financing and establishes a voluntary public financing option for Senate and House of Representatives candidates that provide partial public financing in exchange for adhering to spending limitations and other restrictions.

Highlights:

- Entitles Senate candidates who opt to be included in this public financing system to the following [sec. 101 (503), sec. 131 (a), & sec. 132]:

- Payments equal to the independent expenditure amount (see below highlight), and part of their opponent's expenditure amount in excess of the general election expenditure limit, depending upon the size of the state; - Broadcast media rates for candidates for public office under the Communications Act of 1934 as amended by this Act, including a provision limiting broadcast media rates for Senate candidates during a general election period not to exceed 50 percent of the lowest charge of the station for the same amount of time for the same period on the same date; - Voter contribution vouchers to purchase broadcast time during a general election period equal to 20 percent of the general election expenditure limit, or 10 percent for non-major party candidates; and - Reduced third-class mailing rates during a general election period.

- Defines independent expenditure amount, with respect to payments made to eligible Senate candidates, as the total amount of independent expenditures made, or obligated to be made, during the general election period in opposition to, or on behalf of an opponent of, the candidate [sec. 101 (503) (b) (2)]. - Limits general election expenditures for eligible Senate candidates to the lesser of [sec. 101 (502) (b)]:

- $5.5 million; or - The greater of $950,000 or $400,000 plus 30 cents multiplied by the voting age population up to four million and 25 cents multiplied by the voting age population in excess of four million.

- Requires Senate candidates to adhere to primary and runoff expenditure limits if their campaign contributions are at least 10 percent of the general election expenditure limit or $250,000, whichever is less [sec. 101 (501) (e)]. - Limits primary and runoff campaign expenditures for eligible Senate candidates (see above highlight) to the following amounts [sec. 101 (501) (d)]:

- Primary elections: 67 percent of the general election expenditure limit or $2.75 million, whichever is less; and - Runoff elections: 20 percent of the general election expenditure limit.

- Limits the amount of personal or immediate family funds, including debt, that an eligible Senate candidate may use during an election cycle to 10 percent of the general election expenditure limit or $250,000, whichever is less [sec. 101 (502) (a)]. - Reduces the limit on Political Action Committee contributions to an eligible Senate candidate from $5,000 to $2,500 [sec. 102 (a) (i) (1)]. - Requires the Federal Election Commission (FEC) to examine and audit the campaign accounts of 10 percent of all Senate candidates and their opponents following a general election [sec. 101 (505)]. - Entitles House candidates who opt to be included in this public financing system to receive an amount equal to the amount of contributions from individuals received by the candidate, provided that such an amount does not exceed $200,000 and not to the extent that contributions from any individual exceed $250 in the aggregate [sec. 121 (604) (a)]. - Entitles eligible House candidates to an additional $10,000 if independent expenditures totaling $10,000 are made against him/her or in favor of another candidate, plus additional matching payments equal to such independent expenditures in excess of $10,000 [sec. 121 (604) (b)]. - Entitles eligible House candidates to an additional $50,000 for the general election if they won the primary election by a margin of 10 percent or less [sec. 121 (604) (f)]. - Limits total expenditures for eligible House candidates during an election cycle to $600,000, of which no more than $500,000 may be spent in the general election, with the following exceptions [sec. 121 (601) (a-c)]:

- Candidates running in a special elections are limited to $500,000 in total expenditures; - Candidates running in a runoff election are entitled to make additional expenditures equal to 20 percent of the expenditure limit; and - Candidates running in the general election who won the primary election by a margin of 10 percent or less are entitled to an additional $150,000 in expenditures.

- Limits total contributions that an eligible House candidate may accept for any election cycle to $600,000, except for candidates running in a runoff election who are entitled to accept additional contributions equal to 20 percent of the general election expenditure limit [sec. 121 (603) (a) & (d)]. - Prohibits eligible House candidates from contributing more than $50,000 in personal funds to the campaign during the election cycle [sec. 121 (603) (e)]. - Requires the FEC to examine and audit the campaign accounts of 10 percent of all House candidates and their opponents following a general election. The FEC must examine and audit the campaign accounts of each eligible candidate following a special election [sec. 121 (605) (a)]. - Limits total political committee contributions to House candidates to $200,000, except for candidates running in a runoff election who are entitled to accept an additional $100,000 in such contributions [sec. 122 (j) (1)]. - Limits contributions from individuals other than political committees whose contributions exceed $250 to House candidates to $200,000, except for candidates running in a runoff election who are entitled to accept an additional $100,000 in such contributions [sec. 122 (j) (2)]. - Limits individual contributions to political committees established and managed by a State committee of a political party to $10,000 per year [sec. 311 (a)]. -Limits multi-candidate political committee contributions to political committees established and maintained by a State committee of a political party to $10,000 per year [sec. 311 (b)]. - Specifies that any amount solicited, received, or expended directly or indirectly by a national, State, district, or local committee of a political party with respect to any activity associated with an election to Federal office is subject to the limitations, prohibitions, and reporting requirements of this Act. Such activities include voter registration and get-out the vote activities, campus activities, preparation and distribution of campaign materials, development and maintenance of voter files, and any other activity affecting an election for public office [sec. 312 (324) (a-b)]. - Specifies that contributions made by a someone not of voting age are treated as having been made by the individual's parent or guardian (Sec. 402).