S. 3312 (112th): Presidential Funding Act

Introduced:
Jun 19, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Mark Udall [D-CO]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on June 19, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 19, 2012
Referred to Committee Jun 19, 2012
Cosponsors
none
Committees

Senate Rules and Administration

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to reform the system of public financing for Presidential elections, and for other purposes.

Summary

No summaries available.

Text

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Last updated Jun 19, 2012.
47 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

6/19/2012--Introduced.
Presidential Funding Act - Amends the Internal Revenue Code and the Federal Election Campaign Act of 1971 to revise the system of public financing for presidential primary and general elections.
Increases the amount of matching funds for presidential primaries from a 1:1 match to a 4:1 match for contributions of $200 or less from individuals.
Limits the total amount of payments to primary candidates to $100 million.
Requires presidential primary candidates who opt to participate in the public financing system to certify to the Federal Election Commission (FEC) that they have raised $25,000 (currently, $5,000) in each of 20 states, with individual contributions limited to $200.
Requires such candidates to commit to accept public financing in both the primary and general elections.
Limits contributions to presidential primary candidates who participate in the public financing system to $1,000 from individual contributors (currently, $2,400).
Eliminates expenditure limitations for presidential primary and general elections.
Changes the period for payment of matching funds to presidential primary candidates from January 1 of the election year to six months prior to the date of the earliest state primary election.
Revises general election payment provisions to allow a grant of $50 million to candidates and an additional $150 million in matching funds based upon a 4:1 match of contributions raised after June 1 of the general election year from individual donors giving up to $200 each.
Increases to $50 million the limit on coordinated spending by a national party and its presidential candidate.
Eliminates public financing for national party conventions.
Allows individual contributions up to $25,000 in each four-year presidential election cycle to pay for national party convention costs.
Prohibits the use of unregulated funds (soft money) to pay for national party convention costs.
Increases from $3 to $10 ($6 to $20 for joint returns) the tax check-off for contributions to the Presidential Election Campaign Fund. Directs the Secretary of the Treasury to prescribe regulations to ensure that approved tax preparation software does not automatically accept or decline a check-off of contributions for the public financing system.
Directs the FEC to issue regulations on best efforts for identifying persons making contributions to political committees.
Revises reporting requirements for the disclosure of bundled contributions by lobbyists and to presidential campaigns.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)