,,ii #aafth ,,congress #ast ,session ,s4 #aiag ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #bj1 #bjai ,mr4 ,udall 7for himself and ,mr4 ,van ,hollen7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to reform the system of public financing for ,presidential elections1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,empower ,act of #bjai4 7b7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,,title ,i--,primary ,elections ,sec4 #ajja4 ,increase in and modifications to matching payments4 ,sec4 #ajjb4 ,eligibility requirements for matching payments4 ,sec4 #ajjc4 ,repeal of expenditure limitations4 ,sec4 #ajjd4 ,period of availability of matching payments4 ,sec4 #ajje4 ,examination and audits of matchable contributions4 ,sec4 #ajjf4 ,modification to limitation on contributions for ,presidential primary candidates4 ,,title ,,ii--,general ,elections ,sec4 #bjja4 ,modification of eligibility requirements for public financing4 ,sec4 #bjjb4 ,repeal of expenditure limitations and use of qualified campaign contributions4 ,sec4 #bjjc4 ,matching payments and other modifications to payment amounts4 ,sec4 #bjjd4 ,increase in limit on coordinated party expenditures4 ,sec4 #bjje4 ,establishment of uniform date for release of payments4 ,sec4 #bjjf4 ,amounts in ,presidential ,election ,campaign ,fund4 ,sec4 #bjjg4 ,use of general election payments for general election legal and accounting compliance4 ,,title ,,iii--,other ,campaign ,finance ,reforms ,sec4 #cjja4 ,rules relating to joint fundraising committees4 ,sec4 #cjjb4 ,repeal of special contribution limits for contributions to national parties for certain purposes4 ,,title ,,iv--,effective ,date ,sec4 #djja4 ,effective date4 ,i ,primary ,elections #ajja4 ,increase in and modifications to matching payments 7a7 ,increase and modification 7#a7 ,in general ,the first sentence of section #ijcd7;a7 of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 by striking an amount equal to the amount of each contribution and inserting an amount equal to #fjj percent of the amount of each matchable contribution 7disregarding any amount of contributions from any person to the extent that the total of the amounts contributed by such person for the election exceeds #bjj72 and 7,b7 by striking authorized committees and all that follows through #bej and inserting authorized committees4 7#b7 ,matchable contributions ,section #ijcd of such ,code is amended-- 7,a7 by striking the last sentence of subsection 7a72 and 7,b7 by adding at the end the following new subsection3 7c7 ,matchable contribution defined ,for purposes of this section and section #ijcc7;b7-- 7#a7 ,matchable contribution ,the term matchable contribution means1 with respect to the nomination for election to the office of ,president of the ,united ,states1 a contribution by an individual to a candidate or an authorized committee of a candidate with respect to which the candidate has certified in writing that-- 7,a7 the individual making such contribution has not made aggregate contributions 7including such matchable contribution7 to such candidate and the authorized committees of such candidate in excess of #a1jjj for the election1 7,b7 such candidate and the authorized committees of such candidate will not accept contributions from such individual 7including such matchable contribution7 aggregating more than the amount described in subparagraph 7,a71 and 7,c7 such contribution was a direct contribution4 7#b7 ,contribution ,for purposes of this subsection1 the term contribution means a gift of money made by a written instrument which identifies the individual making the contribution by full name and mailing address1 but does not include a subscription1 loan1 advance1 or deposit of money1 or anything of value or anything described in subparagraph 7,b71 7,c71 or 7,d7 of section #ijcb7d74 7#c7 ,direct contribution 7,a7 ,in general ,for purposes of this subsection1 the term direct contribution means1 with respect to a candidate1 a contribution which is made directly by an individual to the candidate or an authorized committee of the candidate and is not-- 7i7 forwarded from the individual making the contribution to the candidate or committee by another person1 or 7ii7 received by the candidate or committee with the knowledge that the contribution was made at the request1 suggestion1 or recommendation of another person4 7,b7 ,other definitions ,in subparagraph 7,a7-- 7i7 the term person does not include an individual 7other than an individual described in section #cjd7;i77#g7 of the ,federal ,election ,campaign ,act of #aiga71 a political committee of a political party1 or any political committee which is not a separate segregated fund described in section #caf7;b7 of the ,federal ,election ,campaign ,act of #aiga and which does not make contributions or independent expenditures1 does not engage in lobbying activity under the ,lobbying ,disclosure ,act of #aiie 7#b ,u4,s4,c4 #afja et seq471 and is not established by1 controlled by1 or affiliated with a registered lobbyist under such ,act1 an agent of a registered lobbyist under such ,act1 or an organization which retains or employs a registered lobbyist under such ,act1 and 7ii7 a contribution is not made at the request1 suggestion1 or recommendation of another person solely on the grounds that the contribution is made in response to information provided to the individual making the contribution by any person1 so long as the candidate or authorized committee does not know the identity of the person who provided the information to such individual4 4 7#c7 ,conforming amendments 7,a7 ,section #ijcb7d7 of such ,code is amended by striking section #ijcd7;a7 and inserting section #ijcd4 7,b7 ,section #ijcc7;b77#c7 of such ,code is amended by striking matching contributions and inserting matchable contributions4 7b7 ,modification of payment limitation ,section #ijcd7;b7 of such ,code is amended-- 7#a7 by striking ,the total and inserting the following3 7#a7 ,in general ,the total 2 7#b7 by striking shall not exceed and all that follows and inserting shall not exceed #bej1jjj1jjj42 and 7#c7 by adding at the end the following new paragraph3 7#b7 ,inflation adjustment 7,a7 ,in general ,in the case of any applicable period beginning after #bjbi1 the dollar amount in paragraph 7#a7 shall be increased by an amount equal to-- 7i7 such dollar amount1 multiplied by 7ii7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year following the year which such applicable period begins1 determined by substituting calendar year #bjbh for calendar year #aiib in subparagraph 7,b7 thereof4 7,b7 ,applicable period ,for purposes of this paragraph1 the term applicable period means the #d-year period beginning with the first day following the date of the general election for the office of ,president and ending on the date of the next such general election4 7,c7 ,rounding ,if any amount as adjusted under subparagraph 7,a7 is not a multiple of #aj1jjj1 such amount shall be rounded to the nearest multiple of #aj1jjj4 4 #ajjb4 ,eligibility requirements for matching payments 7a7 ,amount of aggregate contributions per ,state2 disregarding of amounts contributed in excess of #bjj ,section #ijcc7;b77#c7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking #e1jjj and inserting #be1jjj2 and 7#b7 by striking #bj ,states and inserting the following3 #bj ,states 7disregarding any amount of contributions from any such resident to the extent that the total of the amounts contributed by such resident for the election exceeds #bjj74 7b7 ,contribution limit 7#a7 ,in general ,paragraph 7#d7 of section #ijcc7;b7 of such ,code is amended to read as follows3 7#d7 the candidate and the authorized committees of the candidate will not accept aggregate contributions from any person with respect to the nomination for election to the office of ,president of the ,united ,states in excess of #a1jjj for the election4 4 7#b7 ,conforming amendments 7,a7 ,section #ijcc7;b7 of such ,code is amended by adding at the end the following new flush sentence3 ,for purposes of paragraph 7#d71 the term contribution has the meaning given such term in section #cja7h7 of the ,federal ,election ,campaign ,act of #aiga4 4 7,b7 ,section #ijcb7d7 of such ,code1 as amended by section #ajja7;a77#c77;,a71 is amended by inserting or #ijcc7;b7 after #ijcd4 7c7 ,participation in system for payments for general election ,section #ijcc7;b7 of such ,code is amended-- 7#a7 by striking and at the end of paragraph 7#c72 7#b7 by striking the period at the end of paragraph 7#d7 and inserting 1 and2 and 7#c7 by inserting after paragraph 7#d7 the following new paragraph3 7#e7 if the candidate is nominated by a political party for election to the office of ,president1 the candidate will apply for and accept payments with respect to the general election for such office in accordance with chapter #ie4 4 7d7 ,prohibition on joint fundraising committees ,section #ijcc7;b7 of such ,code1 as amended by subsection 7c71 is amended-- 7#a7 by striking and at the end of paragraph 7#d72 7#b7 by striking the period at the end of paragraph 7#e7 and inserting 2 and2 and 7#c7 by inserting after paragraph 7#e7 adding at the end the following new paragraph3 7#f7 the candidate will not establish a joint fundraising committee with a political committee other than another authorized committee of the candidate1 except that candidate established a joint fundraising committee with respect to a prior election for which the candidate was not eligible to receive payments under section #ijcg and the candidate does not terminate the committee1 the candidate shall not be considered to be in violation of this paragraph so long as that joint fundraising committee does not receive any contributions or make any disbursements during the election cycle for which the candidate is eligible to receive payments under such section4 4 #ajjc4 ,repeal of expenditure limitations 7a7 ,in general ,subsection 7a7 of section #ijce of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7a7 ,personal expenditure limitation ,no candidate shall knowingly make expenditures from his personal funds1 or the personal funds of his immediate family1 in connection with his campaign for nomination for election to the office of ,president in excess of1 in the aggregate1 #ej1jjj4 4 7b7 ,conforming amendment ,paragraph 7#a7 of section #ijcc7;b7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7#a7 the candidate will comply with the personal expenditure limitation under section #ijce1 4 #ajjd4 ,period of availability of matching payments ,section #ijcb7f7 of the ,internal ,revenue ,code of #aihf is amended by striking the beginning of the calendar year in which a general election for the office of ,president of the ,united ,states will be held and inserting the date that is #f months prior to the date of the earliest ,state primary election4 #ajje4 ,examination and audits of matchable contributions ,section #ijch7;a7 of the ,internal ,revenue ,code of #aihf is amended by inserting and matchable contributions accepted by after qualified campaign expenses of4 #ajjf4 ,modification to limitation on contributions for ,presidential primary candidates ,section #cae7;a77#f7 of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaaf7;a77#f77 is amended by striking calendar year and inserting four-year election cycle4 ,,ii ,general ,elections #bjja4 ,modification of eligibility requirements for public financing ,subsection 7a7 of section #ijjc of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7a7 ,in general ,in order to be eligible to receive any payments under section #ijjf1 the candidates of a political party in a ,presidential election shall meet the following requirements3 7#a7 ,participation in primary payment system ,the candidate for ,president received payments under chapter #if for the campaign for nomination for election to be ,president4 7#b7 ,agreements with ,commission ,the candidates1 in writing-- 7,a7 agree to obtain and furnish to the ,commission such evidence as it may request of the qualified campaign expenses of such candidates1 7,b7 agree to keep and furnish to the ,commission such records1 books1 and other information as it may request1 and 7,c7 agree to an audit and examination by the ,commission under section #ijjg and to pay any amounts required to be paid under such section4 7#c7 ,prohibition on joint fundraising committees 7,a7 ,prohibition ,the candidates certify in writing that the candidates will not establish a joint fundraising committee with a political committee other than another authorized committee of the candidate4 7,b7 ,status of existing committees for prior elections ,if a candidate established a joint fundraising committee described in subparagraph 7,a7 with respect to a prior election for which the candidate was not eligible to receive payments under section #ijjf and the candidate does not terminate the committee1 the candidate shall not be considered to be in violation of subparagraph 7,a7 so long as that joint fundraising committee does not receive any contributions or make any disbursements with respect to the election for which the candidate is eligible to receive payments under section #ijjf4 4 #bjjb4 ,repeal of expenditure limitations and use of qualified campaign contributions 7a7 ,use of qualified campaign contributions without expenditure limits2 application of same requirements for major1 minor1 and new parties ,section #ijjc of the ,internal ,revenue ,code of #aihf is amended by striking subsections 7b7 and 7c7 and inserting the following3 7b7 ,use of ,qualified ,campaign ,contributions ,to ,defray ,expenses 7#a7 ,in general ,in order to be eligible to receive any payments under section #ijjf1 the candidates of a party in a ,presidential election shall certify to the ,commission1 under penalty of perjury1 that-- 7,a7 such candidates and their authorized committees have not and will not accept any contributions to defray qualified campaign expenses other than-- 7i7 qualified campaign contributions1 and 7ii7 contributions to the extent necessary to make up any deficiency payments received out of the fund on account of the application of section #ijjf7;c71 and 7,b7 such candidates and their authorized committees have not and will not accept any contribution to defray expenses which would be qualified campaign expenses but for subparagraph 7,c7 of section #ijjb7aa74 7#b7 ,timing of certification ,the candidate shall make the certification required under this subsection at the same time the candidate makes the certification required under subsection 7a77#c74 4 7b7 ,definition of qualified campaign contribution ,section #ijjb of such ,code is amended by adding at the end the following new paragraph3 7#ac7 ,qualified campaign contribution ,the term qualified campaign contribution means1 with respect to any election for the office of ,president of the ,united ,states1 a contribution from an individual to a candidate or an authorized committee of a candidate which-- 7,a7 does not exceed #a1jjj for the election1 and 7,b7 with respect to which the candidate has certified in writing that-- 7i7 the individual making such contribution has not made aggregate contributions 7including such qualified contribution7 to such candidate and the authorized committees of such candidate in excess of the amount described in subparagraph 7,a71 and 7ii7 such candidate and the authorized committees of such candidate will not accept contributions from such individual 7including such qualified contribution7 aggregating more than the amount described in subparagraph 7,a7 with respect to such election4 4 7c7 ,conforming amendments 7#a7 ,repeal of expenditure limits 7,a7 ,in general ,section #cae of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaaf7 is amended by striking subsection 7b74 7,b7 ,conforming amendments ,section #cae7;c7 of such ,act 7#eb ,u4,s4,c4 #cjaaf7;c77 is amended-- 7i7 in paragraph 7#a77;,b77i71 by striking 1 7b72 and 7ii7 in paragraph 7#b77;,b77i71 by striking subsections 7b7 and 7d7 and inserting subsection 7d74 7#b7 ,repeal of repayment requirement 7,a7 ,in general ,section #ijjg7;b7 of the ,internal ,revenue ,code of #aihf is amended by striking paragraph 7#b7 and redesignating paragraphs 7#c71 7#d71 and 7#e7 as paragraphs 7#b71 7#c71 and 7#d71 respectively4 7,b7 ,conforming amendment ,paragraph 7#b7 of section #ijjg7;b7 of such ,code1 as redesignated by subparagraph 7,a71 is amended-- 7i7 by striking a major party and inserting a party2 7ii7 by inserting qualified contributions and after contributions 7other than2 and 7iii7 by striking 7other than qualified campaign expenses with respect to which payment is required under paragraph 7#b774 7#c7 ,criminal penalties 7,a7 ,repeal of penalty for excess expenses ,section #ijab of the ,internal ,revenue ,code of #aihf is amended by striking subsection 7a74 7,b7 ,penalty for acceptance of disallowed contributions2 application of same penalty for candidates of major1 minor1 and new parties ,subsection 7b7 of section #ijab of such ,code is amended to read as follows3 7b7 ,contributions 7#a7 ,acceptance of disallowed contributions ,it shall be unlawful for an eligible candidate of a party in a ,presidential election or any of his authorized committees knowingly and willfully to accept-- 7,a7 any contribution other than a qualified campaign contribution to defray qualified campaign expenses1 except to the extent necessary to make up any deficiency in payments received out of the fund on account of the application of section #ijjf7;c71 or 7,b7 any contribution to defray expenses which would be qualified campaign expenses but for subparagraph 7,c7 of section #ijjb7aa74 7#b7 ,penalty ,any person who violates paragraph 7#a7 shall be fined not more than #e1jjj1 or imprisoned not more than one year1 or both4 ,in the case of a violation by an authorized committee1 any officer or member of such committee who knowingly and willfully consents to such violation shall be fined not more than #e1jjj1 or imprisoned not more than one year1 or both4 4 #bjjc4 ,matching payments and other modifications to payment amounts 7a7 ,in general 7#a7 ,amount of payments2 application of same amount for candidates of major1 minor1 and new parties ,subsection 7a7 of section #ijjd of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7a7 ,in general ,subject to the provisions of this chapter1 the eligible candidates of a party in a ,presidential election shall be entitled to equal payment under section #ijjf in an amount equal to #fjj percent of the amount of each matchable contribution received by such candidate or by the candidate's authorized committees 7disregarding any amount of contributions from any person to the extent that the total of the amounts contributed by such person for the election exceeds #bjj71 except that total amount to which a candidate is entitled under this paragraph shall not exceed #bej1jjj1jjj4 4 7#b7 ,repeal of separate limitations for candidates of minor and new parties2 inflation adjustment ,subsection 7b7 of section #ijjd of such ,code is amended to read as follows3 7b7 ,inflation adjustment 7#a7 ,in general ,in the case of any applicable period beginning after #bjbi1 the #bej1jjj1jjj dollar amount in subsection 7a7 shall be increased by an amount equal to-- 7,a7 such dollar amount1 multiplied by 7,b7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year following the year which such applicable period begins1 determined by substituting calendar year #bjbh for calendar year #aiib in subparagraph 7,b7 thereof4 7#b7 ,applicable period ,for purposes of this subsection1 the term applicable period means the #d-year period beginning with the first day following the date of the general election for the office of ,president and ending on the date of the next such general election4 7#c7 ,rounding ,if any amount as adjusted under paragraph 7#a7 is not a multiple of #aj1jjj1 such amount shall be rounded to the nearest multiple of #aj1jjj4 4 7#c7 ,conforming amendment ,section #ijje7;a7 of such ,code is amended by adding at the end the following new sentence3 ,the ,commission shall make such additional certifications as may be necessary to receive payments under section #ijjd44 7b7 ,matchable contribution ,section #ijjb of such ,code1 as amended by section #bjjb7;b71 is amended by adding at the end the following new paragraph3 7#ad7 ,matchable contribution ,the term matchable contribution means1 with respect to the election to the office of ,president of the ,united ,states1 a contribution by an individual to a candidate or an authorized committee of a candidate with respect to which the candidate has certified in writing that-- 7,a7 the individual making such contribution has not made aggregate contributions 7including such matchable contribution7 to such candidate and the authorized committees of such candidate in excess of #a1jjj for the election1 7,b7 such candidate and the authorized committees of such candidate will not accept contributions from such individual 7including such matchable contribution7 aggregating more than the amount described in subparagraph 7,a7 with respect to such election1 and 7,c7 such contribution was a direct contribution 7as defined in section #ijcd7;c77#c774 4 #bjjd4 ,increase in limit on coordinated party expenditures 7a7 ,in general ,section #cae7;d77#b7 of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaaf7;d77#b77 is amended to read as follows3 7#b7 7,a7 ,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 #ajj1jjj1jjj4 7,b7 ,for purposes of this paragraph-- 7i7 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 party2 and 7ii7 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 election4 7,c7 ,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 ,states4 4 7b7 ,conforming ,amendments ,relating to ,timing of ,cost-of-,living ,adjustment 7#a7 ,in general ,section #cae7;c77#a7 of such ,act 7#eb ,u4,s4,c4 #cjaaf7;c77#a77 is amended-- 7,a7 in subparagraph 7,b71 by striking 7d7 and inserting 7d77#b72 and 7,b7 by adding at the end the following new subparagraph3 7,d7 ,in any calendar year after #bjbh-- 7i7 the dollar amount in subsection 7d77#b7 shall be increased by the percent difference determined under subparagraph 7,a72 7ii7 the amount so increased shall remain in effect for the calendar year2 and 7iii7 if the amount after adjustment under clause 7i7 is not a multiple of #ajj1 such amount shall be rounded to the nearest multiple of #ajj4 4 7#b7 ,base year ,section #cae7;c77#b77;,b7 of such ,act 7#eb ,u4,s4,c4 #cjaaf7;c77#b77;,b77 is amended-- 7,a7 in clause 7i7-- 7i7 by striking 7d7 and inserting 7d77#c72 and 7ii7 by striking and at the end2 7,b7 in clause 7ii71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following new clause3 7iii7 for purposes of subsection 7d77#b71 calendar year #bjbg4 4 #bjje4 ,establishment of uniform date for release of payments 7a7 ,date for payments 7#a7 ,in general ,section #ijjf7;b7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7b7 ,payments from the ,fund ,if the ,secretary of the ,treasury receives a certification from the ,commission under section #ijje for payment to the eligible candidates of a political party1 the ,secretary shall pay to such candidates out of the fund the amount certified by the ,commission on the later of-- 7#a7 the last ,friday occurring before the first ,monday in ,september1 or 7#b7 #bd hours after receiving the certifications for the eligible candidates of all major political parties4 ,amounts paid to any such candidates shall be under the control of such candidates4 4 7#b7 ,conforming ,amendment ,the first sentence of section #ijjf7;c7 of such ,code is amended by striking the time of a certification by the ,commission under section #ijje for payment and inserting the time of making a payment under subsection 7b74 7b7 ,time for certification ,section #ijje7;a7 of the ,internal ,revenue ,code of #aihf is amended by striking #aj days and inserting #bd hours4 #bjjf4 ,amounts in ,presidential ,election ,campaign ,fund ,section #ijjf7;c7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new sentence3 ,in making a determination of whether there are insufficient moneys in the fund for purposes of the previous sentence1 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 year1 except that the amount of the estimate may not exceed the average of the annual amounts deposited in the fund during the previous #c years44 #bjjg4 ,use of general election payments for general election legal and accounting compliance ,section #ijjb7aa7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new sentence3 ,for purposes of subparagraph 7,a71 an expense incurred by a candidate or authorized committee for general election legal and accounting compliance purposes shall be considered to be an expense to further the election of such candidate44 ,,iii ,other ,campaign ,finance ,reforms #cjja4 ,rules relating to joint fundraising committees 7a7 ,prohibition on joint fundraising committees for candidates 7#a7 ,in general ,section #cjb7;e7 of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjajb7;e77 is amended by adding at the end the following new paragraph3 7#f7 ,no authorized committee of a candidate may establish1 participate in1 or have any involvement with any joint fundraising committee4 4 7#b7 ,conforming amendment ,section #cjb7;e77#c77;,a7 of such ,act 7#eb ,u4,s4,c4 #cjajb7;e77#c77 is amended-- 7,a7 by striking except that and all that follows through the candidate and inserting except that the candidate1 7,b7 by striking 2 and and inserting a period1 and 7,c7 by striking clause 7ii74 7b7 ,limitation on joint fundraising committees for party committees ,section #cjb of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjajb7 is amended by adding at the end the following new subsection3 7j7 ,participation of party committees in joint fundraising committees ,no committee of a political party may establish1 participate in1 or have any involvement with any joint fundraising committee other than a joint fundraising committee that consists of the national committee of a political party and one other committee of the political party4 4 7c7 ,effective date ,the amendments made by this section shall take effect on ,january #a1 #bjbj4 #cjjb4 ,repeal of special contribution limits for contributions to national parties for certain purposes 7a7 ,in general ,section #cae7;a7 of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaaf7;a77 is amended-- 7#a7 in paragraph 7#a77;,b71 by striking 1 or1 in the case of contributions made to any of the accounts described in paragraph 7#i71 exceed #cjj percent of the amount otherwise applicable under this subparagraph with respect to such calendar year2 7#b7 in paragraph 7#b77;,b71 by striking 1 or1 in the case of contributions made to any of the accounts described in paragraph 7#i71 exceed #cjj percent of the amount otherwise applicable under this subparagraph with respect to such calendar year2 and 7#c7 by striking paragraph 7#i74 7b7 ,conforming amendment ,section #cae7;d7 of such ,act 7#eb ,u4,s4,c4 #cjaaf7;d77 is amended by striking paragraph 7#e74 7c7 ,effective date ,the amendments made by this section shall apply to contributions made after the date of the enactment of this ,act4 7d7 ,return of previously contributed amounts ,not later than #ij days after the date of the enactment of this ,act1 each political committee established and maintained by a political party shall distribute all amounts in accounts described in section #cae7;a77#i7 of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaaf7;a77#i77 to individuals who made contributions to such accounts4 ,the amount distributed to any contributor from any account shall bear the same ratio to the amount of contributions made by such contributor to such account as the balance of such account on the date of the enactment of this ,act bears to the total amount of contributions made to such account4 ,,iv ,effective ,date #djja4 ,effective date 7a7 ,in general ,except as otherwise provided1 this ,act and the amendments made by this ,act shall apply with respect to the ,presidential election held in #bjbd and each succeeding ,presidential election1 without regard to whether or not the ,federal ,election ,commission has promulgated the final regulations necessary to carry out this ,act and the amendments made by this ,act by the deadline set forth in subsection 7b74 7b7 ,deadline for regulations ,not later than ,june #cj1 #bjbb1 the ,federal ,election ,commission shall promulgate such regulations as may be necessary to carry out this ,act and the amendments made by this ,act4