Sec. 101(a). Soft Money of Political Parties. Creates new Section 323 of the Federal Election Campaign Act (FECA) to prohibit soft money in federal elections.

Sec. 323(a). National Committees. Prohibits national party committees and entities controlled by the parties from raising, spending, or transferring money that is not subject to the limitations, prohibitions, and reporting requirements of the FECA (i.e., soft money).

Sec. 323(b). State, District and Local Committees. Subject to the Levin amendment, requires any money spent on "Federal election activities" by state or local parties, and entities controlled or acting on behalf those parties or an association of state or local candidates to be subject to the limitations, prohibitions, and reporting requirements of the FECA (i.e., hard money.) This will close the state party loophole. "Federal election activities" are defined in Section 101(b) of the bill.

Under the Levin amendment, the section permits state or local parties to spend soft money on voter registration and get out the vote activity that does not mention a federal candidate as long as no single soft money donor gives more than $10,000 per year to any state or local party organization for such purposes, the money is not spent on broadcast advertising other than ads that solely mention state or local candidates, the money is not raised by federal candidates, national parties, or party committees acting jointly. The spending of this money will require an allocation of hard money to soft money. The state or local party organization must raise the hard and soft money for this allocation on its own, and money to be spent under this provision may not be transferred between party organizations.

Sec. 323(c). Fundraising Costs. Requires national, state, and local parties to use hard money to raise money that will be used on Federal election activities, as defined by the bill.

Sec. 323(d) Tax-Exempt Organizations. Prohibits national, state, and local parties or entities controlled by such parties from making contributions to or soliciting donations for 501(c) organizations which spend money in connection with federal elections or 527 organizations (other than entities that are political committees under the FECA, state/district/local party committees, or state or local candidates' campaign committees). This provision will prevent the parties from collecting soft money and laundering it through other organizations engaged in federal electioneering.

Sec. 323(e) Federal Candidates. Prohibits federal candidates or individuals holding federal office and any entities established, financed, controlled, or acting on behalf of such candidates or officeholders from raising or spending soft money in connection with federal elections. The restrictions of this section do not apply to federal officeholders who are running for state office and spending non-Federal money on their own elections, so long as they do not mention other federal candidates who are on the ballot in the same election and are not their opponents for state office. The restrictions also do not prevent a federal candidate or officeholder from attending, speaking at, or appearing as a featured guest at a fundraising event for a state or local political party.

Candidates are permitted to solicit up to $20,000 from an individual per year specifically for voter registration and get out the vote activities carried out by 501(c) organizations. The provision also clarifies that candidates may solicit unlimited funds for 501(c) organizations where the solicitation does not specify the use of the money, and the organization's principal purpose is not voter registration or get out the vote activities.

Sec. 323(f) State Candidates. Prohibits candidates for state or local office from spending soft money on public communications that promote or attack a clearly identified candidate for Federal office. Exempts communications which refer to a federal candidate who is also a candidate for state or local office.

Taken together, these soft money provisions are designed to shut down the soft money loophole as comprehensively as possible. By including entities established, maintained, controlled, or acting on behalf of federal and state officeholders and candidates, they also prohibit so-called "leadership PACs" or "candidate PACs" from raising or spending soft money in connection with Federal elections and are designed to prevent the evasion of the law by federal or state candidates or officeholders using 501(c)(4) or 527 organizations.

Sec. 101(b). Definitions. Provides definitions for certain terms used in the soft money ban.

Federal Election Activity means voter registration activities within 120 days before a federal election, get out the vote activity and generic campaign activity in connection with an election in which federal candidates are on the ballot (even if state candidates are also on the ballot), and public communications that refer to a clearly identified federal candidate and support or oppose a candidate for that office (regardless of whether those communications expressly advocate the election or defeat of a candidate.) These are the activities that state parties must pay for with hard money (except as specifically provided under the bill).

Generic Campaign Activity means campaign activities like general party advertising that promote a political party but not a candidate.

Public Communication means a communication to the general public by means of broadcast, cable, satellite, newspaper, magazine, outdoor advertising, mass mailing, telephone bank, or any other general public political advertising.

Mass Mailing is a mailing of more than 500 identical or substantially similar pieces within any 30 day period.

Telephone Bank means more than 500 calls of an identical or substantially similar nature within a 30 day period.

Sec. 102. Increased Contribution Limits For State Committees of Political Parties. Increases the amount that individuals can give to state parties from $5,000 to $10,000. See Section 307 for additional increases in contribution limits.

Sec. 103. Reporting Requirements. Requires national political party committees, including congressional campaign committees to report all receipts and disbursements and state party committees to report all receipts and disbursements for Federal election activities and receipts and disbursements for activities permitted by the Levin amendment (i.e., spending of capped soft money donations on certain forms of voter registration and get-out-the-vote). Requires itemized reporting of receipts or disbursements of over $200. Eliminates the building fund exception to the FECA's definition of contribution. Accounts to raise money for office buildings were one of the original soft money accounts before the loopholes exploded in the 1996 election with the use of soft money for political advertising.

Sec. 201. Disclosure of Electioneering Communications. Requires anyone who spends over $10,000 in a calendar year on electioneering communications to file a disclosure statement within 24 hours after reaching that amount of spending and again within 24 hours of each additional $10,000 of spending. Electioneering communications are defined as broadcast, cable or satellite communications that mention the name or show the likeness of a clearly identified candidate for Federal office within 60 days of a general election or 30 days of a primary election, convention, or caucus, and which is targeted to the candidate's state/district. Electioneering communications do not include news broadcasts, communications that constitute independent expenditures because they contain express advocacy, or candidate debates and advertisements for candidate debates. The FEC may promulgate additional exceptions for advertisements that do not attack, oppose, promote or support a clearly identified Federal candidate.

The disclosure statement must identify the person or entity making the disbursement, the principal place of business of that person if it is not an individual, the amount of each disbursement of over $200 and the identity of the person receiving the disbursement, and the election to which the communication pertains and the candidate or candidates who are identified. If the disbursement is made from a segregated account to which only individuals can contribute, the disclosure statement must also reveal the names and addresses of the contributors of $1,000 or more to that account. If the disbursement is not made from such a segregated account then all donors of $1,000 to the organization making the expenditure must be disclosed. Money in the segregated account can be used for purposes other than electioneering communications, and the spending on other activities need not be disclosed, but all contributors to the account must be informed that their money might be used for electioneering communications.

Sec. 202. Coordinated Communications As Contributions. Makes clear that electioneering communications that are coordinated with candidates or with political parties are deemed to be contributions to the candidate supported by the communication. Because contributions to candidates are limited in the case of individuals, or prohibited in the case of groups (other than through a PAC), this provision essentially prohibits electioneering communications from being coordinated with candidates or parties.

Sec. 203. Prohibition of Corporate and Labor Disbursements For Electioneering Communications. Bars the use of corporate and union treasury money for electioneering communications. Corporations and unions are prohibited from spending their treasury money on electioneering communications, and groups and individuals may not use corporate or union treasury money for such ads (corporations and unions could finance such advertisements through their political action committees). The provision includes a number of special operating rules designed to prevent evasion of this prohibition through pass-throughs, laundering, or contribution swaps. 501(c)(4) and 527 organizations, which are technically corporations, are permitted to make electioneering communications as long as they use individual money contributed by U.S. citizens, U.S. nationals, or permanent legal residents and make the disclosures required by Section 201 (but see Section 204). If they derive income from business activities or accept contributions from corporations or unions, they must pay for electioneering communications from a separate account to which only individuals can contribute.

Sec. 204. Rules Relating to Certain Targeted Electioneering Communications. Withdraws Section 203's exemption for 501(c)(4) or 527 organizations that run electioneering communications targeted to the electorate of the candidate mentioned in the communications. The net effect of this provision is to apply the Snowe-Jeffords prohibition on running sham issue ads paid for with corporate or union treasury funds to non profit advocacy groups (501(c)(4)'s) and political organizations (527's). Should this provision be struck down as unconstitutional, the prohibition on the use of union or for-profit corporation treasury money for electioneering communications would remain intact, as would the disclosure requirements.

Sec. 211. Definition of Independent Expenditure. Clarifies the statutory definition of independent expenditure to mean an expenditure expressly advocating the election or defeat of a clearly defined candidate that is not made in coordination with a candidate.

Sec. 212. Reporting Requirements for Certain Independent Expenditures. Requires any person, including a political committee, who makes independent expenditures totaling $10,000 or more until the 20th day before the election to file a report with the FEC within 48 hours. An additional report must be filed with 48 hours of any additional independent expenditures of $10,000 or more. In the last 20 days before the election, a report must be filed within 24 hours of each independent expenditure totaling more than $1,000.

Sec. 213. Independent Versus Coordinated Expenditures by Party. Requires political parties to choose in each election between making the limited expenditures permitted to be coordinated with a candidate under 2 U.S.C. § 441a(d) and making unlimited independent expenditures. Parties would make that choice with their first expenditure with respect to a particular election after their nominee has been chosen. If a party makes an independent expenditure, it may not make a coordinated expenditure with respect to that election. If it makes a coordinated expenditure, it may not make an independent expenditure. For purposes of this section, all national and state party committees are considered to be one entity so a national party cannot make an independent expenditure if a state party has made a coordinated expenditure with respect to a particular candidate.

Sec. 214. Coordination with Candidates or Political Parties. Provides that an expenditure made by a person, other than a candidate, in coordination with a political party will be treated as a contribution to the party. In addition, the FEC's current regulations on coordinated communications paid for by persons other than candidates are repealed nine months after enactment. The provision instructs the FEC to promulgate new regulations on coordination between candidates or parties and outside groups, addressing a number of different situations where coordination might be found. It provides that the new regulations shall not require formal collaboration or agreement to establish coordination.

Sec. 301. Use of Contributed Amounts for Certain Purposes. Codifies FEC regulations relating to the personal use of campaign funds by candidates. Contributions will be considered converted to personal use if they are used for an expense that would exist irrespective of the campaign or duties as an officeholder, including home mortgage or rent, clothing, vacation expenses, tuition payments, noncampaign-related automobile expenses, and a variety of other items.

Sec. 302. Prohibition of Fundraising on Federal Property. Amends 18 U.S.C. § 607 to provide controlling legal authority that it is unlawful to solicit or receive a campaign contribution from a person who is located in a federal room or building. It is also unlawful to solicit or receive a campaign contribution while located in federal room or building.

Sec. 303. Strengthening Foreign Money Ban. Prohibits foreign nationals from making any contribution to a committee of a political party or any contribution in connection with federal, state or local elections, including any electioneering communications. This clarifies that the ban on contributions to foreign nationals applies to soft money donations.

Section 304. Modification of Individual Contribution Limits in Response to Expenditures From Personal Funds. Allows Senate candidates who face opponents who spend large amounts of their personal wealth to raise larger contributions from individual donors. The provision sets up three different "triggers" that vary according to the size of the candidate's state. When a wealthy candidate's personal spending passes the first trigger amount, the individual contribution limits are tripled. At the second trigger, the opposing candidate can raise six times the limits from individual donors. And at the third trigger, party coordinated spending limits are lifted. The amount of additional fundraising or spending at all trigger levels is limited to 110% of the amount of personal wealth spent. The provision also prohibits all candidates from raising contributions to repay loans they make to their own campaigns of over $250,000. Section 316 further limits the amount of additional fundraising that can be done by Senate candidates under this provision. See section 319 for a similar provision applicable to House candidates.

Sec. 305. Limitation on Availability of Lowest Unit Charge for Federal Candidates Attacking Opposition. Requires candidates seeking to avail themselves of the lowest unit charge for advertising available under Section 315(b) of the Communications Act of 1934 to provide written certification that if they refer to another candidate in the advertisement they will include in the advertisement a photo of themselves and a clearly legible statement that they have approved and paid for the ad. Both items must appear in the ad for no less than four seconds.

Sec. 306. Software for Filing Reports and Prompt Disclosure of Contributors. Requires the FEC to promulgate standards for software vendors to develop software that will allow political committees to report receipts and disbursements to the FEC immediately, and allow the FEC to immediately post the information on the Internet immediately. Once such software is available, the FEC is required to make it available to all persons required to file reports. Once software provided to a person required to report, it shall be used notwithstanding the current time periods for filing reports.

Sec. 307. Modification of Contribution Limits. Provides for increases in certain contribution limits. The maximum amount that an individual can give to a federal candidate is increased from $1,000 to $2,000 per election. These limits will be indexed for inflation. The maximum amount that an individual can give to a national committee of a political party each year is increased from $20,000 to $25,000. The maximum aggregate amount that an individual can give to parties, PACs, and candidates combined per year is increased from $25,000 per year (current law) to $95,000 per cycle, including not more than $37,500 per cycle to candidates, and reserving $20,000 per cycle for the national party committees.. The amount that a senatorial campaign committee can contribute to a Senate candidate is increased from $17,500 to $35,000. All of the limits increased in this section are indexed for inflation beginning with a base year of 2001, and the increased limits apply to contributions made on or after January 1, 2003.

Sec. 308. Donations to Presidential Inaugural Committee. Requires a Presidential Inaugural Committee to file a report with the FEC within 90 days of the inauguration disclosing all donations of $200 or more. Foreign nationals (as defined in 2 U.S.C. §441e(2) are prohibited from making any donation to an Inaugural Committee. The FEC is required to make public and post on the Internet any Report filed under this section within 48 hours of its receipt.

Sec. 309. Prohibition no Fraudulent Solicitation of Funds. Prohibits a person from fraudulently misrepresenting that he or she is speaking, writing, or otherwise acting on behalf of a candidate or political party for the purpose of soliciting campaign contributions.

Sec. 310. Study and Report on Clean Money Election Laws. Requires the GAO to conduct a study of the clean money, clean election systems in Arizona and Maine. The study shall include a number of statistical determinations with respect to the recent elections in those states and describe the effect of public financing on the elections in those states. The GAO shall report its findings to Congress within a year of enactment.

Sec. 311. Clarity Standards for Identification of Sponsors of Election-Related Advertising. Amends and supplements the FECA's current requirements that the sponsors of political advertising identify themselves in their ads. Additional provisions include: (1) applies the requirements to any disbursement for public political advertising, including electioneering communications; (2) requires the address, telephone number, and Internet address of persons other than candidates who purchase public political advertising to appear in the ad; (3) requires candidate radio ads to include a statement by the candidate that he or she has approved the communication; (4) requires a television ad to include the same audio statement along with a picture of the candidate or a full screen view of the candidate making the statement, and a written version of that statement that appears for at least 4 seconds; and (5) requires persons other than candidates to run ads to include a statement that that person "is responsible for the content of this advertising."

Sec. 312. Increase in Penalties. Increases from one year to five years the maximum term of imprisonment for knowing and willful violations of the FECA involving the making, receiving, or reporting of any contribution, donation, or expenditure aggregating $25,000 or more during a calendar year. Provides that criminal fines of up to $250,000 may also be assessed for prohibited contributions or expenditures of that amount, or of up to $100,000 for violations totaling less than $25,000 in a year.

Sec. 313. Statute of Limitations. Extends the statute of limitations for violations of the FECA from three to five years.

Sec. 314. Sentencing Guidelines. Directs the U.S. Sentencing Commission to: (1) within 90 days of the effective date promulgate a guideline, or amend an existing guideline, for penalties under FECA and related election laws; and (2) submit to Congress an explanation of any such guidelines and any legislative or administrative recommendations regarding enforcement. Specifies considerations for such guidelines, including that they reflect the serious nature of violations of the FECA and the need to aggressive and appropriate law enforcement action to prevent violations.

Sec. 315. Increase in Penalties Imposed for Violation of Conduit Contribution Ban. Increases the maximum civil penalty that can be assessed by the FEC for a violation of the conduit contribution prohibition in 2 U.S.C. § 441f from the greater of $10,000 or 200 percent of the contribution involved to $50,000 or 1,000 percent of the amount involved. Increases the maximum term of imprisonment for a criminal violation of the conduit contribution ban involving amounts of between $10,000 and $25,000 from one to two years, and increases the maximum criminal penalty to the greater of $50,000 or 1,000 percent of amount involved. The minimum criminal penalty shall be 300 percent of the amount involved.

Section 316. Restriction on Increased Contribution Limits by Taking into Account Candidate's Available Funds. Modifies the amount of additional fundraising that a candidate who faces a wealthy opponent can do under the increased contribution limits set out in Section 304. If the non-wealthy candidate has raised more money than the wealthy candidate, the amount of fundraising under the increased contribution limits is decreased by one half of the difference between the two candidates fundraising (excluding the amount of personal wealth that the wealthy candidate has contributed) as of June 30 and December 31 of the year before the election.

Sec. 317. Clarification of Right of Nationals of the United States to Make Political Contributions. Clarifies U.S. Nationals are allowed to make political contributions.

Sec. 318. Prohibition of Contributions by Minors. Prohibits anyone 17 years of age or younger from making political contributions.

Sec. 319. Modification of Individual Contribution Limits for House Candidates in Response to Expenditures from Personal Funds. Allows House candidates who face opponents who spend large amounts of their personal wealth to raise larger contributions from individual donors. When a wealthy candidate's personal spending exceeds $350,000, the individual contribution limits are tripled. In addition, party coordinated spending limits are lifted. The total amount of permitted additional fundraising and party expenditures is limited to the "opposition personal funds amount." That amount is determined by taking the opponent's personal wealth spending and subtracting the amount the candidate spends of his or her own personal wealth and one-half of the fundraising advantage, if any, that the candidate may have over the opponent. Thus, the amount of additional fundraising and party expenditures can never exceed the amount of personal wealth devoted by the opponent.

Sec. 401. Severability. Provides that if any provision of the bill is held unconstitutional, the remainder of the bill will not be affected.

Sec. 402. Effective Date. Provides that the Act will take effect on November 6, 2002 (the day after the 2002 election), except for the increased contributions limits contained in section 307. After November 6, 2002, the parties may spend any remaining soft money only for debts or obligations incurred in connection with the 2002 election (including any runoff or recount) or any previous election, but only for expenses for which it would otherwise be permissible to spend soft money. No soft money may be spent on office buildings or facilities after the effective date.

Sec. 403. Judicial Review. Provides that any action for declaratory or injunctive relief to challenge the constitutionality of any provision of the Act or any amendment made by it must be filed in the United States District Court for the District of Columbia where the complaint will be heard by a three judge court. Appeal of an order or judgement in such an action shall be reviewable only by appeal directly to the Supreme Court of the United States. Such appeal must be taken by notice of appeal filed within 10 days of the judgment and a jurisdictional statement must filed within 30 days of the entry of a final decision. The District Court and the Supreme Court must expedite the case. Allows a Member of Congress to intervene in support of or in opposition to a party to the case. The Court may make orders that similar positions be filed jointly or be represented by a single attorney at oral arguments.

Sec. 501. Internet Access to Records. Requires the FEC to make all designations, reports, statements, and notifications available on the Internet within 48 hours of receipt.

Sec. 502. Maintenance of Website of Election Reports. Requires the FEC to maintain an Internet site to make all publicly available election reports accessible to the public and to coordinate with other agencies that receive election-reports to allow such reports to be posted on the FEC's site in a timely manner.

Sec. 503. Additional Monthly and Quarterly Disclosure Reports. Requires candidates to file quarterly reports instead of semi-annual reports in non-election years. National parties are required to file monthly reports rather than having a choice between monthly and quarterly reports.

Sec. 504. Public Access to Broadcasting Records. Requires radio and television broadcasting stations to maintain records of requests to purchase political advertising time, including requests by candidates or by advertisers intending to communicate a message relating to a political matter of national importance. The records must be made available for public inspection and must include the name and contact information of person requesting to purchase the time, the date and time that the advertisement was aired, and the rates charged for the time.