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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 6, 2015.
Close the Floodgates Act
Amends the Federal Election Campaign Act of 1971, as amended by the Consolidated and Further Continuing Appropriations Act, 2015, to repeal certain limits on separate contributions by persons or multicandidate political committees to political committees of a national political party which are not the authorized political committees of any candidate. Specifies those contributions used to defray expenses for:
a presidential nominating convention; the construction, purchase, renovation, operation, and furnishing of party headquarters buildings; and the preparation for and the conduct of election recounts, contests, and other legal proceedings.