[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 776 Introduced in House (IH)]
110th CONGRESS
1st Session
H. R. 776
To amend the Internal Revenue Code of 1986 to reform the system of
public financing for Presidential elections, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 31, 2007
Mr. Meehan (for himself, Mr. Shays, Mr. Price of North Carolina, Mr.
Van Hollen, Mr. Emanuel, and Mr. Frank of Massachusetts) introduced the
following bill; which was referred to the Committee on House
Administration, and in addition to the Committee on Ways and Means, for
a period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to reform the system of
public financing for Presidential elections, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Presidential
Funding Act of 2007''.
(b) Table of Contents.--The table of contents of this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Revisions to system of Presidential primary matching payments.
Sec. 3. Requiring participation in primary payment system as condition
of eligibility for general election
payments.
Sec. 4. Revisions to expenditure limits.
Sec. 5. Additional payments and increased expenditure limits for
candidates participating in public
financing who face certain nonparticipating
opponents.
Sec. 6. Establishment of uniform date for release of payments from
Presidential Election Campaign Fund to
eligible candidates.
Sec. 7. Revisions to designation of income tax payments by individual
taxpayers.
Sec. 8. Amounts in Presidential Election Campaign Fund.
Sec. 9. Regulation of convention financing.
Sec. 10. Disclosure of bundled contributions.
Sec. 11. Effective date.
SEC. 2. REVISIONS TO SYSTEM OF PRESIDENTIAL PRIMARY MATCHING PAYMENTS.
(a) Increase in Matching Payments.--
(1) In general.--Section 9034(a) of the Internal Revenue
Code of 1986 is amended--
(A) by striking ``an amount equal to the amount''
and inserting ``an amount equal to 400 percent of the
amount''; and
(B) by striking ``$250'' and inserting ``$200''.
(2) Additional matching payments for candidates after march
31 of the election year.--Section 9034(b) of such Code is
amended to read as follows:
``(b) Additional Payments for Candidates After March 31 of the
Election Year.--In addition to any payment under subsection (a), an
individual who is a candidate after March 31 of the calendar year in
which the presidential election is held and who is eligible to receive
payments under section 9033 shall be entitled to payments under section
9037 in an amount equal to the amount of each contribution received by
such individual after March 31 of the calendar year in which such
presidential election is held, disregarding any amount of contributions
from any person to the extent that the total of the amounts contributed
by such person after such date exceeds $200.''.
(3) Conforming amendments.--Section 9034 of such Code, as
amended by paragraph (2), is amended--
(A) by striking the last sentence of subsection
(a); and
(B) by inserting after subsection (b) the following
new subsection:
``(c) Contribution Defined.--For purposes of this section and
section 9033(b), the term `contribution' means a gift of money made by
a written instrument which identifies the person making the
contribution by full name and mailing address, but does not include a
subscription, loan, advance, or deposit of money, or anything of value
or anything described in subparagraph (B), (C), or (D) of section
9032(4).''.
(b) Eligibility Requirements.--
(1) Amount of aggregate contributions per state.--Section
9033(b)(3) of such Code is amended by striking ``$5,000'' and
inserting ``$25,000''.
(2) Amount of individual contributions.--Section 9033(b)(4)
of such Code is amended by striking ``$250'' and inserting
``$200''
(3) Participation in system for payments for general
election.--Section 9033(b) of such Code is amended--
(A) by striking ``and'' at the end of paragraph
(3);
(B) by striking the period at the end of paragraph
(4) and inserting ``, and''; and
(C) by adding at the end the following new
paragraph:
``(5) if the candidate is nominated by a political party
for election to the office of President, the candidate will
apply for and accept payments with respect to the general
election for such office in accordance with chapter 95,
including the requirement that the candidate and the
candidate's authorized committees will not incur qualified
campaign expenses in excess of the aggregate payments to which
they will be entitled under section 9004.''.
(c) Period of Availability of Payments.--Section 9032(6) of such
Code is amended by striking ``beginning with the beginning of the
calendar year'' and inserting ``beginning with the date that is 6
months prior to the date of the earliest primary election held in any
State during the calendar year''.
SEC. 3. REQUIRING PARTICIPATION IN PRIMARY PAYMENT SYSTEM AS CONDITION
OF ELIGIBILITY FOR GENERAL ELECTION PAYMENTS.
(a) Major Party Candidates.--Section 9003(b) of the Internal
Revenue Code of 1986 is amended--
(1) by redesignating paragraphs (1) and (2) as paragraphs
(2) and (3); and
(2) by inserting before paragraph (2) (as so redesignated)
the following new paragraph:
``(1) the candidate received payments under chapter 96 for
the campaign for nomination;''.
(b) Minor Party Candidates.--Section 9003(c) of such Code is
amended--
(1) by redesignating paragraphs (1) and (2) as paragraphs
(2) and (3); and
(2) by inserting before paragraph (2) (as so redesignated)
the following new paragraph:
``(1) the candidate received payments under chapter 96 for
the campaign for nomination;''.
SEC. 4. REVISIONS TO EXPENDITURE LIMITS.
(a) Increase in Expenditure Limits for Participating Candidates;
Elimination of State-Specific Limits.--
(1) In general.--Section 315(b)(1) of the Federal Election
Campaign Act of 1971 (2 U.S.C. 441a(b)(1)) is amended by
striking ``may make expenditures in excess of'' and all that
follows and inserting ``may make expenditures--
``(A) with respect to a campaign for nomination for
election to such office--
``(i) in excess of $100,000,000 before April 1 of
the calendar year in which the presidential election is
held, and
``(ii) in excess of $150,000,000 before the date
described in section 9006(b) of the Internal Revenue
Code of 1986; and
``(B) with respect to a campaign for election to such
office, in excess of $100,000,000.''.
(2) Clerical correction.--Section 9004(a)(1) of the
Internal Revenue Code of 1986 is amended by striking ``section
320(b)(1)(B) of the Federal Election Campaign Act of 1971'' and
inserting ``section 315(b)(1)(B) of the Federal Election
Campaign Act of 1971''.
(b) Increase in Limit on Coordinated Party Expenditures.--Section
315(d)(2) of the Federal Election Campaign Act of 1971 (2 U.S.C.
441a(d)(2)) is amended to read as follows:
``(2)(A) The national committee of a political party may not make
any expenditure in connection with the general election campaign of any
candidate for President of the United States who is affiliated with
such party which exceeds $25,000,000.
``(B) Notwithstanding the limitation under subparagraph (A), during
the period beginning on April 1 of the year in which a presidential
election is held and ending on the date described in section 9006(b) of
the Internal Revenue Code of 1986, the national committee of a
political party may make additional expenditures in connection with the
general election campaign of a candidate for President of the United
States who is affiliated with such party in an amount not to exceed
$25,000,000.
``(C)(i) Notwithstanding subparagraph (B) or the limitation under
subparagraph (A), if any nonparticipating primary candidate (within the
meaning of subsection (b)(3)) affiliated with the national committee of
a political party receives contributions or makes expenditures with
respect to such candidate's campaign in an aggregate amount greater
than 120 percent of the expenditure limitation in effect under
subsection (b)(1)(A)(ii), then during the period described in clause
(ii), the national committee of any other political party may make
expenditures in connection with the general election campaign of a
candidate for President of the United States who is affiliated with
such other party without limitation.
``(ii) The period described in this clause is the period--
``(I) beginning on the later of April 1 of the year in
which a presidential election is held or the date which such
nonparticipating primary candidate first receives contributions
or makes expenditures in the aggregate amount described in
clause (i), and
``(II) ending on the earlier of the date such
nonparticipating primary candidate ceases to be a candidate for
nomination to the office of President of the United States and
is not a candidate for such office or the date described in
section 9006(b) of the Internal Revenue Code of 1986.
``(iii) If the nonparticipating primary candidate described in
clause (i) ceases to be a candidate for nomination to the office of
President of the United States and is not a candidate for such office,
clause (i) shall not apply and the limitations under subparagraphs (A)
and (B) shall apply. It shall not be considered to be a violation of
this Act if the application of the preceding sentence results in the
national committee of a political party violating the limitations under
subparagraphs (A) and (B) solely by reason of expenditures made by such
national committee during the period which clause (i) applied.
``(D) For purposes of this paragraph--
``(i) any expenditure made by or on behalf of a national
committee of a political party and in connection with a
presidential election shall be considered to be made in
connection with the general election campaign of a candidate
for President of the United States who is affiliated with such
party, and
``(ii) any communication made by or on behalf of such party
shall be considered to be made in connection with the general
election campaign of a candidate for President of the United
States who is affiliated with such party if any portion of the
communication is in connection with such election.
``(E) Any expenditure under this paragraph shall be in addition to
any expenditure by a national committee of a political party serving as
the principal campaign committee of a candidate for the office of
President of the United States.''.
(c) Conforming Amendments Relating to Timing of Cost-of-Living
Adjustment.--
(1) In general.--Section 315(c)(1) of such Act (2 U.S.C..
441a(c)(1)) is amended--
(A) in subparagraph (B), by striking ``(b), (d),''
and inserting ``(d)(3)''; and
(B) by inserting at the end the following new
subparagraph:
``(D) In any calendar year after 2008--
``(i) a limitation established by subsection (b) or (d)(2)
shall be increased by the percent difference determined under
subparagraph (A);
``(ii) each amount so increased shall remain in effect for
the calendar year; and
``(iii) if any amount after adjustment under clause (i) is
not a multiple of $100, such amount shall be rounded to the
nearest multiple of $100.''.
(2) Base year.--Section 315(c)(2)(B) of such Act (2 U.S.C.
441a(c)(2)(B)) is amended--
(A) in clause (i), by striking ``subsections (b)
and (d)'' and inserting ``subsection (d)(3)'';
(B) in clause (i), by striking ``and'' at the end;
(C) in clause (ii), by striking the period at the
end and inserting ``; and''; and
(D) by adding at the end the following new clause:
``(iii) for purposes of subsection (b) and (d)(2),
calendar year 2007.''.
(d) Repeal of Exclusion of Fundraising Costs From Treatment as
Expenditures.--Section 301(9)(B)(vi) of the Federal Election Campaign
Act of 1971 (2 U.S.C. 431(9)(B)(vi)) is amended by striking ``in excess
of an amount equal to 20 percent of the expenditure limitation
applicable to such candidate under section 315(b)'' and inserting the
following: ``who is seeking nomination for election or election to the
office of President or Vice President of the United States''.
SEC. 5. ADDITIONAL PAYMENTS AND INCREASED EXPENDITURE LIMITS FOR
CANDIDATES PARTICIPATING IN PUBLIC FINANCING WHO FACE
CERTAIN NONPARTICIPATING OPPONENTS.
(a) Candidates in Primary Elections.--
(1) Additional payments.--
(A) In general.--Section 9034 of the Internal
Revenue Code of 1986, as amended by section 2, is
amended by redesignating subsection (c) as subsection
(d) and by inserting after subsection (b) the following
new subsection:
``(c) Additional Payments for Candidates Facing Nonparticipating
Opponents.--
``(1) In general.--In addition to any payments provided
under subsections (a) and (b), each candidate described in
paragraph (2) shall be entitled to--
``(A) a payment under section 9037 in an amount
equal to the amount of each contribution received by
such candidate on or after the date that is 6 months
prior to the date of the earliest primary election held
in any State during the calendar year of the
presidential election with respect to which such
candidate is seeking nomination and before the
qualifying date, disregarding any amount of
contributions from any person to the extent that the
total of the amounts contributed by such person exceeds
$200, and
``(B) payments under section 9037 in an amount
equal to the amount of each contribution received by
such candidate on or after the qualifying date,
disregarding any amount of contributions from any
person to the extent that the total of the amounts
contributed by such person exceeds $200.
``(2) Candidates to whom this subsection applies.--A
candidate is described in this paragraph if such candidate--
``(A) is eligible to receive payments under section
9033, and
``(B) is opposed by a nonparticipating primary
candidate of the same political party who receives
contributions or makes expenditures with respect to the
campaign--
``(i) before April 1 of the year in which
the presidential election is held, in an
aggregate amount greater than 120 percent of
the expenditure limitation under section
315(b)(1)(A)(i) of the Federal Election
Campaign Act of 1971, or
``(ii) before the date described in section
9006(b), in an aggregate amount greater than
120 percent of the expenditure limitation under
section 315(b)(1)(A)(ii) of such Act.
``(3) Nonparticipating primary candidate.--In this
subsection, the term `nonparticipating primary candidate' means
a candidate for nomination for election for the office of
President who is not eligible under section 9033 to receive
payments from the Secretary under this chapter.
``(4) Qualifying date.--In this subsection, the term
`qualifying date' means the first date on which the
contributions received or expenditures made by the
nonparticipating primary candidate described in paragraph
(2)(B) exceed the amount described under either clause (i) or
clause (ii) of such paragraph.''.
(B) Conforming amendment.--Section 9034(b)(2) of
such Code, as amended by section 2, is amended by
striking ``subsection (a)'' and inserting ``subsections
(a) and (c)''.
(2) Increase in expenditure limit.--Section 315(b) of the
Federal Election Campaign Act of 1971 (2 U.S.C. 441a(b)) is
amended by adding at the end the following new paragraph:
``(3)(A) In the case of an eligible candidate, each of the
limitations under clause (i) and (ii) of paragraph (1)(A) shall be
increased--
``(i) by $50,000,000, if any nonparticipating primary
candidate of the same political party as such candidate
receives contributions or makes expenditures with respect to
the campaign in an aggregate amount greater than 120 percent of
the expenditure limitation applicable to eligible candidates
under clause (i) or (ii) of paragraph (1)(A) (before the
application of this clause), and
``(ii) by $100,000,000, if such nonparticipating primary
candidate receives contributions or makes expenditures with
respect to the campaign in an aggregate amount greater than 120
percent of the expenditure limitation applicable to eligible
candidates under clause (i) or (ii) of paragraph (1)(A) after
the application of clause (i).
``(B) Each dollar amount under subparagraph (A) shall be considered
a limitation under this subsection for purposes of subsection (c).
``(C) In this paragraph, the term `eligible candidate' means, with
respect to any period, a candidate--
``(i) who is eligible to receive payments under section
9033 of the Internal Revenue Code of 1986;
``(ii) who is opposed by a nonparticipating primary
candidate; and
``(iii) with respect to whom the Commission has given
notice under section 304(i)(1)(B)(i).
``(D) In this paragraph, the term `nonparticipating primary
candidate' means, with respect to any eligible candidate, a candidate
for nomination for election for the office of President who is not
eligible under section 9033 of the Internal Revenue Code of 1986 to
receive payments from the Secretary of the Treasury under chapter 96 of
such Code.''.
(b) Candidates in General Elections.--
(1) Additional payments.--
(A) In general.--Section 9004(a)(1) of the Internal
Revenue Code of 1986 is amended--
(i) by striking ``(1) The eligible
candidates'' and inserting ``(1)(A) Except as
provided in subparagraph (B), the eligible
candidates''; and
(ii) by adding at the end the following new
subparagraph:
``(B) In addition to the payments described in subparagraph
(A), each eligible candidate of a major party in a presidential
election with an opponent in the election who is not eligible
to receive payments under section 9006 and who receives
contributions or makes expenditures with respect to the primary
and general elections in an aggregate amount greater than 120
percent of the combined expenditure limitations applicable to
eligible candidates under section 315(b)(1) of the Federal
Election Campaign Act of 1971 shall be entitled to an equal
payment under section 9006 in an amount equal to 100 percent of
the expenditure limitation applicable under such section with
respect to a campaign for election to the office of
President.''.
(B) Special rule for minor party candidates.--
Section 9004(a)(2)(A) of such Code is amended--
(i) by striking ``(A) The eligible
candidates'' and inserting ``(A)(i) Except as
provided in clause (ii), the eligible
candidates''; and
(ii) by adding at the end the following new
clause:
``(ii) In addition to the payments described in clause (i),
each eligible candidate of a minor party in a presidential
election with an opponent in the election who is not eligible
to receive payments under section 9006 and who receives
contributions or makes expenditures with respect to the primary
and general elections in an aggregate amount greater than 120
percent of the combined expenditure limitations applicable to
eligible candidates under section 315(b)(1) of the Federal
Election Campaign Act of 1971 shall be entitled to an equal
payment under section 9006 in an amount equal to 100 percent of
the payment to which such candidate is entitled under clause
(i).''.
(2) Exclusion of additional payment from determination of
expenditure limits.--Section 315(b) of the Federal Election
Campaign Act of 1971 (2 U.S.C. 441a(b)), as amended by
subsection (a), is amended by adding at the end the following
new paragraph:
``(4) In the case of a candidate who is eligible to receive
payments under section 9004(a)(1)(B) or 9004(a)(2)(A)(ii) of the
Internal Revenue Code of 1986, the limitation under paragraph (1)(B)
shall be increased by the amount of such payments received by the
candidate.''.
(c) Process for Determination of Eligibility for Additional Payment
and Increased Expenditure Limits.--Section 304 of the Federal Election
Campaign Act of 1971 (2 U.S.C. 434) is amended by adding at the end the
following new subsection
``(i) Reporting and Certification for Additional Public Financing
Payments for Candidates.--
``(1) Primary candidates.--
``(A) Notification of expenditures by ineligible
candidates.--
``(i) Expenditures in excess of 120 percent
of limit.--If a candidate for a nomination for
election for the office of President who is not
eligible to receive payments under section 9033
of the Internal Revenue Code of 1986 receives
contributions or makes expenditures with
respect to the primary election in an aggregate
amount greater than 120 percent of the
expenditure limitation applicable to eligible
candidates under clause (i) or (ii) of section
315(b)(1)(A), the candidate shall notify the
Commission in writing that the candidate has
received aggregate contributions or made
aggregate expenditures in such an amount not
later than 24 hours after first receiving
aggregate contributions or making aggregate
expenditures in such an amount.
``(ii) Expenditures in excess of 120
percent of increased limit.--If a candidate for
a nomination for election for the office of
President who is not eligible to receive
payments under section 9033 of the Internal
Revenue Code of 1986 receives contributions or
makes expenditures with respect to the primary
election in an aggregate amount greater than
120 percent of the expenditure limitation
applicable to eligible candidates under section
315(b) after the application of paragraph
(3)(A)(i) thereof, the candidate shall notify
the Commission in writing that the candidate
has received aggregate contributions or made
aggregate expenditures in such an amount not
later than 24 hours after first receiving
aggregate contributions or making aggregate
expenditures in such an amount.
``(B) Certification.--Not later than 24 hours after
receiving any written notice under subparagraph (A)
from a candidate, the Commission shall--
``(i) certify to the Secretary of the
Treasury that opponents of the candidate are
eligible for additional payments under section
9034(c) of the Internal Revenue Code of 1986;
``(ii) notify each opponent of the
candidate who is eligible to receive payments
under section 9033 of the Internal Revenue Code
of 1986 of the amount of the increased
limitation on expenditures which applies
pursuant to section 315(b)(3); and
``(iii) in the case of a notice under
subparagraph (A)(i), notify the national
committee of each political party (other than
the political party with which the candidate is
affiliated) of the inapplicability of
expenditure limits under section 315(d)(2)
pursuant to subparagraph (C) thereof.
``(2) General election candidates.--
``(A) Notification of expenditures by ineligible
candidates.--If a candidate in a presidential election
who is not eligible to receive payments under section
9006 of the Internal Revenue Code of 1986 receives
contributions or makes expenditures with respect to the
primary and general elections in an aggregate amount
greater than 120 percent of the combined expenditure
limitations applicable to eligible candidates under
section 315(b)(1), the candidate shall notify the
Commission in writing that the candidate has received
aggregate contributions or made aggregate expenditures
in such an amount not later than 24 hours after first
receiving aggregate contributions or making aggregate
expenditures in such an amount.
``(B) Certification.--Not later than 24 hours after
receiving a written notice under subparagraph (A), the
Commission shall certify to the Secretary of the
Treasury for payment to any eligible candidate who is
entitled to an additional payment under paragraph
(1)(B) or (2)(A)(ii) of section 9004(a) of the Internal
Revenue Code of 1986 that the candidate is entitled to
payment in full of the additional payment under such
section.''.
SEC. 6. ESTABLISHMENT OF UNIFORM DATE FOR RELEASE OF PAYMENTS FROM
PRESIDENTIAL ELECTION CAMPAIGN FUND TO ELIGIBLE
CANDIDATES.
(a) In General.--The first sentence of section 9006(b) of the
Internal Revenue Code of 1986 is amended to read as follows: ``If the
Secretary of the Treasury receives a certification from the Commission
under section 9005 for payment to the eligible candidates of a
political party, the Secretary shall, on the last Friday occurring
before the first Monday in September, pay to such candidates of the
fund the amount certified by the Commission.''.
(b) Conforming Amendment.--The first sentence of section 9006(c) of
such Code is amended by striking ``the time of a certification by the
Comptroller General under section 9005 for payment'' and inserting
``the time of making a payment under subsection (b)''.
SEC. 7. REVISIONS TO DESIGNATION OF INCOME TAX PAYMENTS BY INDIVIDUAL
TAXPAYERS.
(a) Increase in Amount Designated.--Section 6096(a) of the Internal
Revenue Code of 1986 is amended--
(1) in the first sentence, by striking ``$3'' each place it
appears and inserting ``$10''; and
(2) in the second sentence--
(A) by striking ``$6'' and inserting ``$20'', and
(B) by striking ``$3'' and inserting ``$10''.
(b) Indexing.--Section 6096 of such Code is amended by adding at
the end the following new subsection:
``(d) Indexing of Amount Designated.--
``(1) In general.--With respect to each taxable year after
2008, each amount referred to in subsection (a) shall be
increased by the percent difference described in paragraph (2),
except that if any such amount after such an increase is not a
multiple of $1, such amount shall be rounded to the nearest
multiple of $1.
``(2) Percent difference described.--The percent difference
described in this paragraph with respect to a taxable year is
the percent difference determined under section 315(c)(1)(A) of
the Federal Election Campaign Act of 1971 with respect to the
calendar year during which the taxable year begins, except that
the base year involved shall be 2008.''.
(c) Ensuring Tax Preparation Software Does Not Provide Automatic
Response to Designation Question.--Section 6096 of such Code, as
amended by subsection (b), is amended by adding at the end the
following new subsection:
``(e) Ensuring Tax Preparation Software Does Not Provide Automatic
Response to Designation Question.--The Secretary shall promulgate
regulations to ensure that electronic software used in the preparation
or filing of individual income tax returns does not automatically
accept or decline a designation of a payment under this section.''.
(d) Public Information Program on Designation.--Section 6096 of
such Code, as amended by subsections (b) and (c), is amended by adding
at the end the following new subsection:
``(f) Public Information Program.--
``(1) In general.--The Federal Election Commission shall
conduct a program to inform and educate the public regarding
the purposes of the Presidential Election Campaign Fund, the
procedures for the designation of payments under this section,
and the effect of such a designation on the income tax
liability of taxpayers.
``(2) Use of funds for program.--Amounts in the
Presidential Election Campaign Fund shall be made available to
the Federal Election Commission to carry out the program under
this subsection, except that the amount made available for this
purpose may not exceed $10,000,000 with respect to any
Presidential election cycle. In this paragraph, a `Presidential
election cycle' is the 4-year period beginning with January of
the year following a Presidential election.''.
(e) Effective Date.--The amendments made by this section shall take
effect on the date of the enactment of this Act.
SEC. 8. AMOUNTS IN PRESIDENTIAL ELECTION CAMPAIGN FUND.
(a) Determination of Amounts in Fund.--Section 9006(c) of the
Internal Revenue Code of 1986 is amended by adding at the end the
following new sentence: ``In making a determination of whether there
are insufficient moneys in the fund for purposes of the previous
sentence, the Secretary shall take into account in determining the
balance of the fund for a Presidential election year the Secretary's
best estimate of the amount of moneys which will be deposited into the
fund during the year, except that the amount of the estimate may not
exceed the average of the annual amounts deposited in the fund during
the previous 3 years.''.
(b) Special Rule for First Campaign Cycle Under This Act.--
(1) In general.--Section 9006 of such Code is amended by
adding at the end the following new subsection:
``(d) Special Authority to Borrow.--
``(1) In general.--Notwithstanding subsection (c), there
are authorized to be appropriated to the fund, as repayable
advances, such sums as are necessary to carry out the purposes
of the fund during the period ending on the first presidential
election occurring after the date of the enactment of this
subsection.
``(2) Repayment of advances.--
``(A) In general.--Advances made to the fund shall
be repaid, and interest on such advances shall be paid,
to the general fund of the Treasury when the Secretary
determines that moneys are available for such purposes
in the fund.
``(B) Rate of interest.--Interest on advances made
to the fund shall be at a rate determined by the
Secretary of the Treasury (as of the close of the
calendar month preceding the month in which the advance
is made) to be equal to the current average market
yield on outstanding marketable obligations of the
United States with remaining periods to maturity
comparable to the anticipated period during which the
advance will be outstanding and shall be compounded
annually.''.
(2) Effective date.--The amendment made by this subsection
shall take effect on the date of the enactment of this Act.
SEC. 9. REGULATION OF CONVENTION FINANCING.
Section 323 of the Federal Election Campaign Act of 1971 (2 U.S.C.
441i) is amended by adding at the end the following new subsection:
``(g) National Conventions.--
``(1) In general.--Any person described in subsection (e)
shall not solicit, receive, direct, transfer, or spend any
funds in connection with a presidential nominating convention
of any political party, including funds for a host committee,
civic committee, municipality, or any other person or entity
spending funds in connection with such a convention, unless
such funds--
``(A) are not in excess of the amounts permitted
with respect to contributions to the political
committee established and maintained by a national
political party committee under section 315; and
``(B) are not from a sources prohibited by this Act
from making contributions in connection with an
election for Federal office.
``(2) Exception.--Paragraph (1) shall not apply to--
``(A) payments by a Federal, State, or local
government if the funds used for the payments are from
the general public tax revenues of such government and
are not derived from donations made to a State or local
government for purposes of any convention; and
``(B) payments by any person for the purpose of
promoting the suitability of a city as a convention
site in advance of its selection, welcoming convention
attendees to the city, or providing shopping or
entertainment guides to convention attendees.''.
SEC. 10. DISCLOSURE OF BUNDLED CONTRIBUTIONS.
(a) In General.--Section 304(b) of the Federal Election Campaign
Act of 1971 (2 U.S.C. 434(b)) is amended--
(1) by striking ``and'' at the end of paragraph (7);
(2) by striking the period at the end of paragraph (8) and
inserting ``; and''; and
(3) by adding at the end the following new paragraph:
``(9) in the case of an authorized committee of a candidate
for President, the name, address, occupation, and employer of
each person who makes a bundled contribution, and the aggregate
amount of the bundled contributions made by such person during
the reporting period.''.
(b) Bundled Contribution.--Section 301 of such Act (2 U.S.C. 431)
is amended by adding at the end the following new paragraph:
``(27) Bundled contribution.--The term `bundled
contribution' means a series of contributions that are, in the
aggregate, $10,000 or more and--
``(A) are transferred to the candidate or the
authorized committee of the candidate by one person; or
``(B) include a written or oral notification that
the contribution was solicited, arranged, or directed
by a person other than the donor.''.
SEC. 11. EFFECTIVE DATE.
Except as otherwise provided in this Act, the amendments made by
this Act shall apply with respect to elections occurring after January
1, 2009.
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