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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 750 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 750

  To reform the financing of Senate elections, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                April 6 (legislative day, April 5), 2011

   Mr. Durbin (for himself, Mrs. Boxer, Mr. Cardin, Mr. Franken, Mr. 
Harkin, Mr. Kerry, Ms. Klobuchar, Mr. Leahy, Mr. Merkley, Ms. Mikulski, 
  Mr. Sanders, Mrs. Shaheen, and Mr. Tester) introduced the following 
 bill; which was read twice and referred to the Committee on Rules and 
                             Administration

_______________________________________________________________________

                                 A BILL

 
  To reform the financing of Senate 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 ``Fair Elections Now 
Act''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
     TITLE I--FAIR ELECTIONS FINANCING OF SENATE ELECTION CAMPAIGNS

              Subtitle A--Fair Elections Financing Program

Sec. 101. Findings and declarations.
Sec. 102. Eligibility requirements and benefits of Fair Elections 
                            financing of Senate election campaigns.
    ``TITLE V--FAIR ELECTIONS FINANCING OF SENATE ELECTION CAMPAIGNS

                    ``Subtitle A--General Provisions

        ``Sec. 501. Definitions.
        ``Sec. 502. Fair Elections Fund.
              ``Subtitle B--Eligibility and Certification

        ``Sec. 511. Eligibility.
        ``Sec. 512. Qualifying contribution requirement.
        ``Sec. 513. Contribution and expenditure requirements.
        ``Sec. 514. Debate requirement.
        ``Sec. 515. Certification.
                         ``Subtitle C--Benefits

        ``Sec. 521. Benefits for participating candidates.
        ``Sec. 522. Allocations from the Fund.
        ``Sec. 523. Matching payments for qualified small dollar 
                            contributions.
        ``Sec. 524. Political advertising vouchers.
                ``Subtitle D--Administrative Provisions

        ``Sec. 531. Fair Elections Oversight Board.
        ``Sec. 532. Administration provisions.
        ``Sec. 533. Violations and penalties.
Sec. 103. Prohibition on joint fundraising committees.
Sec. 104. Exception to limitation on coordinated expenditures by 
                            political party committees with 
                            participating candidates.
                 TITLE II--IMPROVING VOTER INFORMATION

Sec. 201. Broadcasts relating to all Senate candidates.
Sec. 202. Broadcast rates for participating candidates.
Sec. 203. FCC to prescribe standardized form for reporting candidate 
                            campaign ads.
     TITLE III--RESPONSIBILITIES OF THE FEDERAL ELECTION COMMISSION

Sec. 301. Petition for certiorari.
Sec. 302. Filing by Senate candidates with Commission.
Sec. 303. Electronic filing of FEC reports.
                   TITLE IV--MISCELLANEOUS PROVISIONS

Sec. 401. Severability.
Sec. 402. Effective date.

     TITLE I--FAIR ELECTIONS FINANCING OF SENATE ELECTION CAMPAIGNS

              Subtitle A--Fair Elections Financing Program

SEC. 101. FINDINGS AND DECLARATIONS.

    (a) Undermining of Democracy by Campaign Contributions From Private 
Sources.--The Senate finds and declares that the current system of 
privately financed campaigns for election to the United States Senate 
has the capacity, and is often perceived by the public, to undermine 
democracy in the United States by--
            (1) creating a culture that fosters actual or perceived 
        conflicts of interest by encouraging Senators to accept large 
        campaign contributions from private interests that are directly 
        affected by Federal legislation;
            (2) diminishing or appearing to diminish Senators' 
        accountability to constituents by compelling legislators to be 
        accountable to the major contributors who finance their 
        election campaigns;
            (3) undermining the meaning of the right to vote by 
        allowing monied interests to have a disproportionate and unfair 
        influence within the political process;
            (4) imposing large, unwarranted costs on taxpayers through 
        legislative and regulatory distortions caused by unequal access 
        to lawmakers for campaign contributors;
            (5) making it difficult for some qualified candidates to 
        mount competitive Senate election campaigns;
            (6) disadvantaging challengers and discouraging competitive 
        elections; and
            (7) burdening incumbents with a preoccupation with 
        fundraising and thus decreasing the time available to carry out 
        their public responsibilities.
    (b) Enhancement of Democracy by Providing Allocations From the Fair 
Elections Fund.--The Senate finds and declares that providing the 
option of the replacement of large private campaign contributions with 
allocations from the Fair Elections Fund for all primary, runoff, and 
general elections to the Senate would enhance American democracy by--
            (1) reducing the actual or perceived conflicts of interest 
        created by fully private financing of the election campaigns of 
        public officials and restoring public confidence in the 
        integrity and fairness of the electoral and legislative 
        processes through a program which allows participating 
        candidates to adhere to substantially lower contribution limits 
        for contributors with an assurance that there will be 
        sufficient funds for such candidates to run viable electoral 
        campaigns;
            (2) increasing the public's confidence in the 
        accountability of Senators to the constituents who elect them, 
        which derives from the program's qualifying criteria to 
        participate in the voluntary program and the conclusions that 
        constituents may draw regarding candidates who qualify and 
        participate in the program;
            (3) helping to reduce the ability to make large campaign 
        contributions as a determinant of a citizen's influence within 
        the political process by facilitating the expression of support 
        by voters at every level of wealth, encouraging political 
        participation, and incentivizing participation on the part of 
        Senators through the matching of small dollar contributions;
            (4) potentially saving taxpayers billions of dollars that 
        may be (or that are perceived to be) currently allocated based 
        upon legislative and regulatory agendas skewed by the influence 
        of campaign contributions;
            (5) creating genuine opportunities for all Americans to run 
        for the Senate and encouraging more competitive elections;
            (6) encouraging participation in the electoral process by 
        citizens of every level of wealth; and
            (7) freeing Senators from the incessant preoccupation with 
        raising money, and allowing them more time to carry out their 
        public responsibilities.

SEC. 102. ELIGIBILITY REQUIREMENTS AND BENEFITS OF FAIR ELECTIONS 
              FINANCING OF SENATE ELECTION CAMPAIGNS.

    The Federal Election Campaign Act of 1971 (2 U.S.C. 431 et seq.) is 
amended by adding at the end the following:

    ``TITLE V--FAIR ELECTIONS FINANCING OF SENATE ELECTION CAMPAIGNS

                    ``Subtitle A--General Provisions

``SEC. 501. DEFINITIONS.

    ``In this title:
            ``(1) Allocation from the fund.--The term `allocation from 
        the Fund' means an allocation of money from the Fair Elections 
        Fund to a participating candidate pursuant to section 522.
            ``(2) Board.--The term `Board' means the Fair Elections 
        Oversight Board established under section 531.
            ``(3) Fair elections qualifying period.--The term `Fair 
        Elections qualifying period' means, with respect to any 
        candidate for Senator, the period--
                    ``(A) beginning on the date on which the candidate 
                files a statement of intent under section 511(a)(1); 
                and
                    ``(B) ending on the date that is 30 days before--
                            ``(i) the date of the primary election; or
                            ``(ii) in the case of a State that does not 
                        hold a primary election, the date prescribed by 
                        State law as the last day to qualify for a 
                        position on the general election ballot.
            ``(4) Fair elections start date.--The term `Fair Elections 
        start date' means, with respect to any candidate, the date that 
        is 180 days before--
                    ``(A) the date of the primary election; or
                    ``(B) in the case of a State that does not hold a 
                primary election, the date prescribed by State law as 
                the last day to qualify for a position on the general 
                election ballot.
            ``(5) Fund.--The term `Fund' means the Fair Elections Fund 
        established by section 502.
            ``(6) Immediate family.--The term `immediate family' means, 
        with respect to any candidate--
                    ``(A) the candidate's spouse;
                    ``(B) a child, stepchild, parent, grandparent, 
                brother, half-brother, sister, or half-sister of the 
                candidate or the candidate's spouse; and
                    ``(C) the spouse of any person described in 
                subparagraph (B).
            ``(7) Matching contribution.--The term `matching 
        contribution' means a matching payment provided to a 
        participating candidate for qualified small dollar 
        contributions, as provided under section 523.
            ``(8) Nonparticipating candidate.--The term 
        `nonparticipating candidate' means a candidate for Senator who 
        is not a participating candidate.
            ``(9) Participating candidate.--The term `participating 
        candidate' means a candidate for Senator who is certified under 
        section 515 as being eligible to receive an allocation from the 
        Fund.
            ``(10) Qualifying contribution.--The term `qualifying 
        contribution' means, with respect to a candidate, a 
        contribution that--
                    ``(A) is in an amount that is--
                            ``(i) not less than the greater of $5 or 
                        the amount determined by the Commission under 
                        section 531; and
                            ``(ii) not more than the greater of $100 or 
                        the amount determined by the Commission under 
                        section 531;
                    ``(B) is made by an individual--
                            ``(i) who is a resident of the State in 
                        which such Candidate is seeking election; and
                            ``(ii) who is not otherwise prohibited from 
                        making a contribution under this Act;
                    ``(C) is made during the Fair Elections qualifying 
                period; and
                    ``(D) meets the requirements of section 512(b).
            ``(11) Qualified small dollar contribution.--The term 
        `qualified small dollar contribution' means, with respect to a 
        candidate, any contribution (or series of contributions)--
                    ``(A) which is not a qualifying contribution (or 
                does not include a qualifying contribution);
                    ``(B) which is made by an individual who is not 
                prohibited from making a contribution under this Act; 
                and
                    ``(C) the aggregate amount of which does not exceed 
                the greater of--
                            ``(i) $100 per election; or
                            ``(ii) the amount per election determined 
                        by the Commission under section 531.

``SEC. 502. FAIR ELECTIONS FUND.

    ``(a) Establishment.--There is established in the Treasury a fund 
to be known as the `Fair Elections Fund'.
    ``(b) Amounts Held by Fund.--The Fund shall consist of the 
following amounts:
            ``(1) Appropriated amounts.--
                    ``(A) In general.--Amounts appropriated to the 
                Fund.
                    ``(B) Sense of the senate regarding 
                appropriations.--It is the sense of the Senate that--
                            ``(i) there should be imposed on any 
                        payment made to any person (other than a State 
                        or local government or a foreign nation) who 
                        has contracts with the Government of the United 
                        States in excess of $10,000,000 a tax equal to 
                        0.50 percent of amount paid pursuant to such 
                        contracts, except that the aggregate tax for 
                        any person for any taxable year shall not 
                        exceed $500,000; and
                            ``(ii) the revenue from such tax should be 
                        appropriated to the Fund.
            ``(2) Voluntary contributions.--Voluntary contributions to 
        the Fund.
            ``(3) Other deposits.--Amounts deposited into the Fund 
        under--
                    ``(A) section 513(c) (relating to exceptions to 
                contribution requirements);
                    ``(B) section 521(c) (relating to remittance of 
                allocations from the Fund);
                    ``(C) section 533 (relating to violations); and
                    ``(D) any other section of this Act.
            ``(4) Investment returns.--Interest on, and the proceeds 
        from, the sale or redemption of, any obligations held by the 
        Fund under subsection (c).
    ``(c) Investment.--The Commission shall invest portions of the Fund 
in obligations of the United States in the same manner as provided 
under section 9602(b) of the Internal Revenue Code of 1986.
    ``(d) Use of Fund.--
            ``(1) In general.--The sums in the Fund shall be used to 
        provide benefits to participating candidates as provided in 
        subtitle C.
            ``(2) Insufficient amounts.--Under regulations established 
        by the Commission, rules similar to the rules of section 
        9006(c) of the Internal Revenue Code shall apply.

              ``Subtitle B--Eligibility and Certification

``SEC. 511. ELIGIBILITY.

    ``(a) In General.--A candidate for Senator is eligible to receive 
an allocation from the Fund for any election if the candidate meets the 
following requirements:
            ``(1) The candidate files with the Commission a statement 
        of intent to seek certification as a participating candidate 
        under this title during the period beginning on the Fair 
        Elections start date and ending on the last day of the Fair 
        Elections qualifying period.
            ``(2) The candidate meets the qualifying contribution 
        requirements of section 512.
            ``(3) Not later than the last day of the Fair Elections 
        qualifying period, the candidate files with the Commission an 
        affidavit signed by the candidate and the treasurer of the 
        candidate's principal campaign committee declaring that the 
        candidate--
                    ``(A) has complied and, if certified, will comply 
                with the contribution and expenditure requirements of 
                section 513;
                    ``(B) if certified, will comply with the debate 
                requirements of section 514;
                    ``(C) if certified, will not run as a 
                nonparticipating candidate during such year in any 
                election for the office that such candidate is seeking; 
                and
                    ``(D) has either qualified or will take steps to 
                qualify under State law to be on the ballot.
    ``(b) General Election.--Notwithstanding subsection (a), a 
candidate shall not be eligible to receive an allocation from the Fund 
for a general election or a general runoff election unless the 
candidate's party nominated the candidate to be placed on the ballot 
for the general election or the candidate otherwise qualified to be on 
the ballot under State law.

``SEC. 512. QUALIFYING CONTRIBUTION REQUIREMENT.

    ``(a) In General.--A candidate for Senator meets the requirement of 
this section if, during the Fair Elections qualifying period, the 
candidate obtains--
            ``(1) a number of qualifying contributions equal to the 
        greater of--
                    ``(A) the sum of--
                            ``(i) 2,000; plus
                            ``(ii) 500 for each congressional district 
                        in the State with respect to which the 
                        candidate is seeking election; or
                    ``(B) the amount determined by the Commission under 
                section 531; and
            ``(2) a total dollar amount of qualifying contributions 
        equal to the greater of--
                    ``(A) 10 percent of the amount of the allocation 
                such candidate would be entitled to receive for the 
                primary election under section 522(c)(1) (determined 
                without regard to paragraph (5) thereof) if such 
                candidate were a participating candidate; or
                    ``(B) the amount determined by the Commission under 
                section 531.
    ``(b) Requirements Relating to Receipt of Qualifying 
Contribution.--Each qualifying contribution--
            ``(1) may be made by means of a personal check, money 
        order, debit card, credit card, or electronic payment account;
            ``(2) shall be accompanied by a signed statement 
        containing--
                    ``(A) the contributor's name and the contributor's 
                address in the State in which the contributor is 
                registered to vote; and
                    ``(B) an oath declaring that the contributor--
                            ``(i) understands that the purpose of the 
                        qualifying contribution is to show support for 
                        the candidate so that the candidate may qualify 
                        for Fair Elections financing;
                            ``(ii) is making the contribution in his or 
                        her own name and from his or her own funds;
                            ``(iii) has made the contribution 
                        willingly; and
                            ``(iv) has not received any thing of value 
                        in return for the contribution; and
            ``(3) shall be acknowledged by a receipt that is sent to 
        the contributor with a copy kept by the candidate for the 
        Commission and a copy kept by the candidate for the election 
        authorities in the State with respect to which the candidate is 
        seeking election.
    ``(c) Verification of Qualifying Contributions.--The Commission 
shall establish procedures for the auditing and verification of 
qualifying contributions to ensure that such contributions meet the 
requirements of this section.

``SEC. 513. CONTRIBUTION AND EXPENDITURE REQUIREMENTS.

    ``(a) General Rule.--A candidate for Senator meets the requirements 
of this section if, during the election cycle of the candidate, the 
candidate--
            ``(1) except as provided in subsection (b), accepts no 
        contributions other than--
                    ``(A) qualifying contributions;
                    ``(B) qualified small dollar contributions;
                    ``(C) allocations from the Fund under section 522;
                    ``(D) matching contributions under section 523; and
                    ``(E) vouchers provided to the candidate under 
                section 524;
            ``(2) makes no expenditures from any amounts other than 
        from--
                    ``(A) qualifying contributions;
                    ``(B) qualified small dollar contributions;
                    ``(C) allocations from the Fund under section 522;
                    ``(D) matching contributions under section 523; and
                    ``(E) vouchers provided to the candidate under 
                section 524; and
            ``(3) makes no expenditures from personal funds or the 
        funds of any immediate family member (other than funds received 
        through qualified small dollar contributions and qualifying 
        contributions).
For purposes of this subsection, a payment made by a political party in 
coordination with a participating candidate shall not be treated as a 
contribution to or as an expenditure made by the participating 
candidate.
    ``(b) Contributions for Leadership PACs, etc.--A political 
committee of a participating candidate which is not an authorized 
committee of such candidate may accept contributions other than 
contributions described in subsection (a)(1) from any person if--
            ``(1) the aggregate contributions from such person for any 
        calendar year do not exceed $100; and
            ``(2) no portion of such contributions is disbursed in 
        connection with the campaign of the participating candidate.
    ``(c) Exception.--Notwithstanding subsection (a), a candidate shall 
not be treated as having failed to meet the requirements of this 
section if any contributions that are not qualified small dollar 
contributions, qualifying contributions, or contributions that meet the 
requirements of subsection (b) and that are accepted before the date 
the candidate files a statement of intent under section 511(a)(1) are--
            ``(1) returned to the contributor; or
            ``(2) submitted to the Commission for deposit in the Fund.

``SEC. 514. DEBATE REQUIREMENT.

    ``A candidate for Senator meets the requirements of this section if 
the candidate participates in at least--
            ``(1) 1 public debate before the primary election with 
        other participating candidates and other willing candidates 
        from the same party and seeking the same nomination as such 
        candidate; and
            ``(2) 2 public debates before the general election with 
        other participating candidates and other willing candidates 
        seeking the same office as such candidate.

``SEC. 515. CERTIFICATION.

    ``(a) In General.--Not later than 5 days after a candidate for 
Senator files an affidavit under section 511(a)(3), the Commission 
shall--
            ``(1) certify whether or not the candidate is a 
        participating candidate; and
            ``(2) notify the candidate of the Commission's 
        determination.
    ``(b) Revocation of Certification.--
            ``(1) In general.--The Commission may revoke a 
        certification under subsection (a) if--
                    ``(A) a candidate fails to qualify to appear on the 
                ballot at any time after the date of certification; or
                    ``(B) a candidate otherwise fails to comply with 
                the requirements of this title, including any 
                regulatory requirements prescribed by the Commission.
            ``(2) Repayment of benefits.--If certification is revoked 
        under paragraph (1), the candidate shall repay to the Fund an 
        amount equal to the value of benefits received under this title 
        plus interest (at a rate determined by the Commission) on any 
        such amount received.

                         ``Subtitle C--Benefits

``SEC. 521. BENEFITS FOR PARTICIPATING CANDIDATES.

    ``(a) In General.--For each election with respect to which a 
candidate is certified as a participating candidate, such candidate 
shall be entitled to--
            ``(1) an allocation from the Fund to make or obligate to 
        make expenditures with respect to such election, as provided in 
        section 522;
            ``(2) matching contributions, as provided in section 523; 
        and
            ``(3) for the general election, vouchers for broadcasts of 
        political advertisements, as provided in section 524.
    ``(b) Restriction on Uses of Allocations From the Fund.--
Allocations from the Fund received by a participating candidate under 
sections 522 and matching contributions under section 523 may only be 
used for campaign-related costs.
    ``(c) Remitting Allocations From the Fund.--
            ``(1) In general.--Not later than the date that is 45 days 
        after an election in which the participating candidate appeared 
        on the ballot, such participating candidate shall remit to the 
        Commission for deposit in the Fund an amount equal to the 
        lesser of--
                    ``(A) the amount of money in the candidate's 
                campaign account; or
                    ``(B) the sum of the allocations from the Fund 
                received by the candidate under section 522 and the 
                matching contributions received by the candidate under 
                section 523.
            ``(2) Exception.--In the case of a candidate who qualifies 
        to be on the ballot for a primary runoff election, a general 
        election, or a general runoff election, the amounts described 
        in paragraph (1) may be retained by the candidate and used in 
        such subsequent election.

``SEC. 522. ALLOCATIONS FROM THE FUND.

    ``(a) In General.--The Commission shall make allocations from the 
Fund under section 521(a)(1) to a participating candidate--
            ``(1) in the case of amounts provided under subsection 
        (c)(1), not later than 48 hours after the date on which such 
        candidate is certified as a participating candidate under 
        section 515;
            ``(2) in the case of a general election, not later than 48 
        hours after--
                    ``(A) the date of the certification of the results 
                of the primary election or the primary runoff election; 
                or
                    ``(B) in any case in which there is no primary 
                election, the date the candidate qualifies to be placed 
                on the ballot; and
            ``(3) in the case of a primary runoff election or a general 
        runoff election, not later than 48 hours after the 
        certification of the results of the primary election or the 
        general election, as the case may be.
    ``(b) Method of Payment.--The Commission shall distribute funds 
available to participating candidates under this section through the 
use of an electronic funds exchange or a debit card.
    ``(c) Amounts.--
            ``(1) Primary election allocation; initial allocation.--
        Except as provided in paragraph (5), the Commission shall make 
        an allocation from the Fund for a primary election to a 
        participating candidate in an amount equal to 67 percent of the 
        base amount with respect to such participating candidate.
            ``(2) Primary runoff election allocation.--The Commission 
        shall make an allocation from the Fund for a primary runoff 
        election to a participating candidate in an amount equal to 25 
        percent of the amount the participating candidate was eligible 
        to receive under this section for the primary election.
            ``(3) General election allocation.--Except as provided in 
        paragraph (5), the Commission shall make an allocation from the 
        Fund for a general election to a participating candidate in an 
        amount equal to the base amount with respect to such candidate.
            ``(4) General runoff election allocation.--The Commission 
        shall make an allocation from the Fund for a general runoff 
        election to a participating candidate in an amount equal to 25 
        percent of the base amount with respect to such candidate.
            ``(5) Uncontested elections.--
                    ``(A) In general.--In the case of a primary or 
                general election that is an uncontested election, the 
                Commission shall make an allocation from the Fund to a 
                participating candidate for such election in an amount 
                equal to 25 percent of the allocation which such 
                candidate would be entitled to under this section for 
                such election if this paragraph did not apply.
                    ``(B) Uncontested election defined.--For purposes 
                of this subparagraph, an election is uncontested if not 
                more than 1 candidate has campaign funds (including 
                payments from the Fund) in an amount equal to or 
                greater than 10 percent of the allocation a 
                participating candidate would be entitled to receive 
                under this section for such election if this paragraph 
                did not apply.
    ``(d) Base Amount.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, the base amount for any candidate is an amount 
        equal to the greater of--
                    ``(A) the sum of--
                            ``(i) $750,000; plus
                            ``(ii) $150,000 for each congressional 
                        district in the State with respect to which the 
                        candidate is seeking election; or
                    ``(B) the amount determined by the Commission under 
                section 531.
            ``(2) Indexing.--In each even-numbered year after 2013--
                    ``(A) each dollar amount under paragraph (1)(A) 
                shall be increased by the percent difference between 
                the price index (as defined in section 315(c)(2)(A)) 
                for the 12 months preceding the beginning of such 
                calendar year and the price index for calendar year 
                2012;
                    ``(B) each dollar amount so increased shall remain 
                in effect for the 2-year period beginning on the first 
                day following the date of the last general election in 
                the year preceding the year in which the amount is 
                increased and ending on the date of the next general 
                election; and
                    ``(C) if any amount after adjustment under 
                subparagraph (A) is not a multiple of $100, such amount 
                shall be rounded to the nearest multiple of $100.

``SEC. 523. MATCHING PAYMENTS FOR QUALIFIED SMALL DOLLAR CONTRIBUTIONS.

    ``(a) In General.--The Commission shall pay to each participating 
candidate an amount equal to 500 percent of the amount of qualified 
small dollar contributions received by the candidate from individuals 
who are residents of the State in which such participating candidate is 
seeking election after the date on which such candidate is certified 
under section 515.
    ``(b) Limitation.--The aggregate payments under subsection (a) with 
respect to any candidate shall not exceed the greater of--
            ``(1) 300 percent of the allocation such candidate is 
        entitled to receive for such election under section 522 
        (determined without regard to subsection (c)(5) thereof); or
            ``(2) the percentage of such allocation determined by the 
        Commission under section 531.
    ``(c) Time of Payment.--The Commission shall make payments under 
this section not later than 2 business days after the receipt of a 
report made under subsection (d).
    ``(d) Reports.--
            ``(1) In general.--Each participating candidate shall file 
        reports of receipts of qualified small dollar contributions at 
        such times and in such manner as the Commission may by 
        regulations prescribe.
            ``(2) Contents of reports.--Each report under this 
        subsection shall disclose--
                    ``(A) the amount of each qualified small dollar 
                contribution received by the candidate;
                    ``(B) the amount of each qualified small dollar 
                contribution received by the candidate from a resident 
                of the State in which the candidate is seeking 
                election; and
                    ``(C) the name, address, and occupation of each 
                individual who made a qualified small dollar 
                contribution to the candidate.
            ``(3) Frequency of reports.--Reports under this subsection 
        shall be made no more frequently than--
                    ``(A) once every month until the date that is 90 
                days before the date of the election;
                    ``(B) once every week after the period described in 
                subparagraph (A) and until the date that is 21 days 
                before the election; and
                    ``(C) once every day after the period described in 
                subparagraph (B).
            ``(4) Limitation on regulations.--The Commission may not 
        prescribe any regulations with respect to reporting under this 
        subsection with respect to any election after the date that is 
        180 days before the date of such election.
    ``(e) Appeals.--The Commission shall provide a written explanation 
with respect to any denial of any payment under this section and shall 
provide the opportunity for review and reconsideration within 5 
business days of such denial.

``SEC. 524. POLITICAL ADVERTISING VOUCHERS.

    ``(a) In General.--The Commission shall establish and administer a 
voucher program for the purchase of airtime on broadcasting stations 
for political advertisements in accordance with the provisions of this 
section.
    ``(b) Candidates.--The Commission shall only disburse vouchers 
under the program established under subsection (a) to participants 
certified pursuant to section 515 who have agreed in writing to keep 
and furnish to the Commission such records, books, and other 
information as it may require.
    ``(c) Amounts.--The Commission shall disburse vouchers to each 
candidate certified under subsection (b) in an aggregate amount equal 
to the greater of--
            ``(1) $100,000 multiplied by the number of congressional 
        districts in the State with respect to which such candidate is 
        running for office; or
            ``(2) the amount determined by the Commission under section 
        531.
    ``(d) Use.--
            ``(1) Exclusive use.--Vouchers disbursed by the Commission 
        under this section may be used only for the purchase of 
        broadcast airtime for political advertisements relating to a 
        general election for the office of Senate by the participating 
        candidate to which the vouchers were disbursed, except that--
                    ``(A) a candidate may exchange vouchers with a 
                political party under paragraph (2); and
                    ``(B) a political party may use vouchers only to 
                purchase broadcast airtime for political advertisements 
                for generic party advertising (as defined by the 
                Commission in regulations), to support candidates for 
                State or local office in a general election, or to 
                support participating candidates of the party in a 
                general election for Federal office, but only if it 
                discloses the value of the voucher used as an 
                expenditure under section 315(d).
            ``(2) Exchange with political party committee.--
                    ``(A) In general.--A participating candidate who 
                receives a voucher under this section may transfer the 
                right to use all or a portion of the value of the 
                voucher to a committee of the political party of which 
                the individual is a candidate (or, in the case of a 
                participating candidate who is not a member of any 
                political party, to a committee of the political party 
                of that candidate's choice) in exchange for money in an 
                amount equal to the cash value of the voucher or 
                portion exchanged.
                    ``(B) Continuation of candidate obligations.--The 
                transfer of a voucher, in whole or in part, to a 
                political party committee under this paragraph does not 
                release the candidate from any obligation under the 
                agreement made under subsection (b) or otherwise modify 
                that agreement or its application to that candidate.
                    ``(C) Party committee obligations.--Any political 
                party committee to which a voucher or portion thereof 
                is transferred under subparagraph (A)--
                            ``(i) shall account fully, in accordance 
                        with such requirements as the Commission may 
                        establish, for the receipt of the voucher; and
                            ``(ii) may not use the transferred voucher 
                        or portion thereof for any purpose other than a 
                        purpose described in paragraph (1)(B).
                    ``(D) Voucher as a contribution under feca.--If a 
                candidate transfers a voucher or any portion thereof to 
                a political party committee under subparagraph (A)--
                            ``(i) the value of the voucher or portion 
                        thereof transferred shall be treated as a 
                        contribution from the candidate to the 
                        committee, and from the committee to the 
                        candidate, for purposes of sections 302 and 
                        304;
                            ``(ii) the committee may, in exchange, 
                        provide to the candidate only funds subject to 
                        the prohibitions, limitations, and reporting 
                        requirements of title III of this Act; and
                            ``(iii) the amount, if identified as a 
                        `voucher exchange', shall not be considered a 
                        contribution for the purposes of sections 315 
                        and 513.
    ``(e) Value; Acceptance; Redemption.--
            ``(1) Voucher.--Each voucher disbursed by the Commission 
        under this section shall have a value in dollars, redeemable 
        upon presentation to the Commission, together with such 
        documentation and other information as the Commission may 
        require, for the purchase of broadcast airtime for political 
        advertisements in accordance with this section.
            ``(2) Acceptance.--A broadcasting station shall accept 
        vouchers in payment for the purchase of broadcast airtime for 
        political advertisements in accordance with this section.
            ``(3) Redemption.--The Commission shall redeem vouchers 
        accepted by broadcasting stations under paragraph (2) upon 
        presentation, subject to such documentation, verification, 
        accounting, and application requirements as the Commission may 
        impose to ensure the accuracy and integrity of the voucher 
        redemption system.
            ``(4) Expiration.--
                    ``(A) Candidates.--A voucher may only be used to 
                pay for broadcast airtime for political advertisements 
                to be broadcast before midnight on the day before the 
                date of the Federal election in connection with which 
                it was issued and shall be null and void for any other 
                use or purpose.
                    ``(B) Exception for political party committees.--A 
                voucher held by a political party committee may be used 
                to pay for broadcast airtime for political 
                advertisements to be broadcast before midnight on 
                December 31st of the odd-numbered year following the 
                year in which the voucher was issued by the Commission.
            ``(5) Voucher as expenditure under feca.--The use of a 
        voucher to purchase broadcast airtime constitutes an 
        expenditure as defined in section 301(9)(A).
    ``(f) Definitions.--In this section:
            ``(1) Broadcasting station.--The term `broadcasting 
        station' has the meaning given that term by section 315(f)(1) 
        of the Communications Act of 1934.
            ``(2) Political party.--The term `political party' means a 
        major party or a minor party as defined in section 9002 (3) or 
        (4) of the Internal Revenue Code of 1986 (26 U.S.C. 9002 (3) or 
        (4)).

                ``Subtitle D--Administrative Provisions

``SEC. 531. FAIR ELECTIONS OVERSIGHT BOARD.

    ``(a) Establishment.--There is established within the Federal 
Election Commission an entity to be known as the `Fair Elections 
Oversight Board'.
    ``(b) Structure and Membership.--
            ``(1) In general.--The Board shall be composed of 5 members 
        appointed by the President by and with the advice and consent 
        of the Senate, of whom--
                    ``(A) 2 shall be appointed after consultation with 
                the majority leader of the Senate;
                    ``(B) 2 shall be appointed after consultation with 
                the minority leader of the Senate; and
                    ``(C) 1 shall be appointed upon the recommendation 
                of the members appointed under subparagraphs (A) and 
                (B).
            ``(2) Qualifications.--
                    ``(A) In general.--The members shall be individuals 
                who are nonpartisan and, by reason of their education, 
                experience, and attainments, exceptionally qualified to 
                perform the duties of members of the Board.
                    ``(B) Prohibition.--No member of the Board may be--
                            ``(i) an employee of the Federal 
                        Government;
                            ``(ii) a registered lobbyist; or
                            ``(iii) an officer or employee of a 
                        political party or political campaign.
            ``(3) Date.--Members of the Board shall be appointed not 
        later than 60 days after the date of the enactment of this Act.
            ``(4) Terms.--A member of the Board shall be appointed for 
        a term of 5 years.
            ``(5) Vacancies.--A vacancy on the Board shall be filled 
        not later than 30 calendar days after the date on which the 
        Board is given notice of the vacancy, in the same manner as the 
        original appointment. The individual appointed to fill the 
        vacancy shall serve only for the unexpired portion of the term 
        for which the individual's predecessor was appointed.
            ``(6) Chairperson.--The Board shall designate a Chairperson 
        from among the members of the Board.
    ``(c) Duties and Powers.--
            ``(1) Administration.--
                    ``(A) In general.--The Board shall have such duties 
                and powers as the Commission may prescribe, including 
                the power to administer the provisions of this title.
            ``(2) Review of fair elections financing.--
                    ``(A) In general.--After each general election for 
                Federal office, the Board shall conduct a comprehensive 
                review of the Fair Elections financing program under 
                this title, including--
                            ``(i) the maximum dollar amount of 
                        qualified small dollar contributions under 
                        section 501(11);
                            ``(ii) the maximum and minimum dollar 
                        amounts for qualifying contributions under 
                        section 501(10);
                            ``(iii) the number and value of qualifying 
                        contributions a candidate is required to obtain 
                        under section 512 to qualify for allocations 
                        from the Fund;
                            ``(iv) the amount of allocations from the 
                        Fund that candidates may receive under section 
                        522;
                            ``(v) the maximum amount of matching 
                        contributions a candidate may receive under 
                        section 523;
                            ``(vi) the amount and usage of vouchers 
                        under section 524;
                            ``(vii) the overall satisfaction of 
                        participating candidates and the American 
                        public with the program; and
                            ``(viii) such other matters relating to 
                        financing of Senate campaigns as the Board 
                        determines are appropriate.
                    ``(B) Criteria for review.--In conducting the 
                review under subparagraph (A), the Board shall consider 
                the following:
                            ``(i) Qualifying contributions and 
                        qualified small dollar contributions.--The 
                        Board shall consider whether the number and 
                        dollar amount of qualifying contributions 
                        required and maximum dollar amount for such 
                        qualifying contributions and qualified small 
                        dollar contributions strikes a balance 
                        regarding the importance of voter involvement, 
                        the need to assure adequate incentives for 
                        participating, and fiscal responsibility, 
                        taking into consideration the number of primary 
                        and general election participating candidates, 
                        the electoral performance of those candidates, 
                        program cost, and any other information the 
                        Board determines is appropriate.
                            ``(ii) Review of program benefits.--The 
                        Board shall consider whether the totality of 
                        the amount of funds allowed to be raised by 
                        participating candidates (including through 
                        qualifying contributions and small dollar 
                        contributions), allocations from the Fund under 
                        sections 522, matching contributions under 
                        section 523, and vouchers under section 524 are 
                        sufficient for voters in each State to learn 
                        about the candidates to cast an informed vote, 
                        taking into account the historic amount of 
                        spending by winning candidates, media costs, 
                        primary election dates, and any other 
                        information the Board determines is 
                        appropriate.
                    ``(C) Adjustment of amounts.--
                            ``(i) In general.--Based on the review 
                        conducted under subparagraph (A), the Board 
                        shall provide for the adjustments of the 
                        following amounts:
                                    ``(I) the maximum dollar amount of 
                                qualified small dollar contributions 
                                under section 501(11)(C);
                                    ``(II) the maximum and minimum 
                                dollar amounts for qualifying 
                                contributions under section 501(10)(A);
                                    ``(III) the number and value of 
                                qualifying contributions a candidate is 
                                required to obtain under section 
                                512(a)(1);
                                    ``(IV) the base amount for 
                                candidates under section 522(d);
                                    ``(V) the maximum amount of 
                                matching contributions a candidate may 
                                receive under section 523(b); and
                                    ``(VI) the dollar amount for 
                                vouchers under section 524(c).
                            ``(ii) Regulations.--The Commission shall 
                        promulgate regulations providing for the 
                        adjustments made by the Board under clause (i).
                    ``(D) Report.--Not later than March 30 following 
                any general election for Federal office, the Board 
                shall submit a report to Congress on the review 
                conducted under paragraph (1). Such report shall 
                contain a detailed statement of the findings, 
                conclusions, and recommendations of the Board based on 
                such review.
    ``(d) Meetings and Hearings.--
            ``(1) Meetings.--The Board may hold such hearings, sit and 
        act at such times and places, take such testimony, and receive 
        such evidence as the Board considers advisable to carry out the 
        purposes of this Act.
            ``(2) Quorum.--Three members of the Board shall constitute 
        a quorum for purposes of voting, but a quorum is not required 
        for members to meet and hold hearings.
    ``(e) Reports.--Not later than March 30, 2012, and every 2 years 
thereafter, the Board shall submit to the Senate Committee on Rules and 
Administration a report documenting, evaluating, and making 
recommendations relating to the administrative implementation and 
enforcement of the provisions of this title.
    ``(f) Administration.--
            ``(1) Compensation of members.--
                    ``(A) In general.--Each member, other than the 
                Chairperson, shall be paid at a rate equal to the daily 
                equivalent of the minimum annual rate of basic pay 
                prescribed for level IV of the Executive Schedule under 
                section 5315 of title 5, United States Code.
                    ``(B) Chairperson.--The Chairperson shall be paid 
                at a rate equal to the daily equivalent of the minimum 
                annual rate of basic pay prescribed for level III of 
                the Executive Schedule under section 5314 of title 5, 
                United States Code.
            ``(2) Personnel.--
                    ``(A) Director.--The Board shall have a staff 
                headed by an Executive Director. The Executive Director 
                shall be paid at a rate equivalent to a rate 
                established for the Senior Executive Service under 
                section 5382 of title 5, United States Code.
                    ``(B) Staff appointment.--With the approval of the 
                Chairperson, the Executive Director may appoint such 
                personnel as the Executive Director and the Board 
                determines to be appropriate.
                    ``(C) Actuarial experts and consultants.--With the 
                approval of the Chairperson, the Executive Director may 
                procure temporary and intermittent services under 
                section 3109(b) of title 5, United States Code.
                    ``(D) Detail of government employees.--Upon the 
                request of the Chairperson, the head of any Federal 
                agency may detail, without reimbursement, any of the 
                personnel of such agency to the Board to assist in 
                carrying out the duties of the Board. Any such detail 
                shall not interrupt or otherwise affect the civil 
                service status or privileges of the Federal employee.
                    ``(E) Other resources.--The Board shall have 
                reasonable access to materials, resources, statistical 
                data, and other information from the Library of 
                Congress and other agencies of the executive and 
                legislative branches of the Federal Government. The 
                Chairperson of the Board shall make requests for such 
                access in writing when necessary.
    ``(g) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as are necessary to carry out the purposes of 
this subtitle.

``SEC. 532. ADMINISTRATION PROVISIONS.

    ``The Commission shall prescribe regulations to carry out the 
purposes of this title, including regulations--
            ``(1) to establish procedures for--
                    ``(A) verifying the amount of valid qualifying 
                contributions with respect to a candidate;
                    ``(B) effectively and efficiently monitoring and 
                enforcing the limits on the raising of qualified small 
                dollar contributions;
                    ``(C) effectively and efficiently monitoring and 
                enforcing the limits on the use of personal funds by 
                participating candidates;
                    ``(D) monitoring the use of allocations from the 
                Fund and matching contributions under this title 
                through audits or other mechanisms; and
                    ``(E) the administration of the voucher program 
                under section 524; and
            ``(2) regarding the conduct of debates in a manner 
        consistent with the best practices of States that provide 
        public financing for elections.

``SEC. 533. VIOLATIONS AND PENALTIES.

    ``(a) Civil Penalty for Violation of Contribution and Expenditure 
Requirements.--If a candidate who has been certified as a participating 
candidate under section 515(a) accepts a contribution or makes an 
expenditure that is prohibited under section 513, the Commission shall 
assess a civil penalty against the candidate in an amount that is not 
more than 3 times the amount of the contribution or expenditure. Any 
amounts collected under this subsection shall be deposited into the 
Fund.
    ``(b) Repayment for Improper Use of Fair Elections Fund.--
            ``(1) In general.--If the Commission determines that any 
        benefit made available to a participating candidate under this 
        title was not used as provided for in this title or that a 
        participating candidate has violated any of the dates for 
        remission of funds contained in this title, the Commission 
        shall so notify the candidate and the candidate shall pay to 
        the Fund an amount equal to--
                    ``(A) the amount of benefits so used or not 
                remitted, as appropriate; and
                    ``(B) interest on any such amounts (at a rate 
                determined by the Commission).
            ``(2) Other action not precluded.--Any action by the 
        Commission in accordance with this subsection shall not 
        preclude enforcement proceedings by the Commission in 
        accordance with section 309(a), including a referral by the 
        Commission to the Attorney General in the case of an apparent 
        knowing and willful violation of this title.''.

SEC. 103. PROHIBITION ON JOINT FUNDRAISING COMMITTEES.

    Section 302(e) of the Federal Election Campaign Act of 1971 (2 
U.S.C. 432(e)) is amended by adding at the end the following new 
paragraph:
            ``(6) No authorized committee of a participating candidate 
        (as defined in section 501) may establish a joint fundraising 
        committee with a political committee other than an authorized 
        committee of a candidate.''.

SEC. 104. EXCEPTION TO LIMITATION ON COORDINATED EXPENDITURES BY 
              POLITICAL PARTY COMMITTEES WITH PARTICIPATING CANDIDATES.

    Section 315(d) of the Federal Election Campaign Act of 1971 (2 
U.S.C. 441a(d)) is amended--
            (1) in paragraph (3)(A), by striking ``in the case of'' and 
        inserting ``except as provided in paragraph (5), in the case 
        of''; and
            (2) by adding at the end the following new paragraph:
    ``(5)(A) The limitation under paragraph (3)(A) shall not apply with 
respect to any expenditure from a qualified political party-
participating candidate coordinated expenditure fund.
    ``(B) In this paragraph, the term `qualified political party-
participating candidate coordinated expenditure fund' means a fund 
established by the national committee of a political party, or a State 
committee of a political party, including any subordinate committee of 
a State committee, for purposes of making expenditures in connection 
with the general election campaign of a candidate for election to the 
office of Senator who is a participating candidate (as defined in 
section 501), that only accepts qualified coordinated expenditure 
contributions.
    ``(C) In this paragraph, the term `qualified coordinated 
expenditure contribution' means, with respect to the general election 
campaign of a candidate for election to the office of Senator who is a 
participating candidate (as defined in section 501), any contribution 
(or series of contributions)--
            ``(i) which is made by an individual who is not prohibited 
        from making a contribution under this Act; and
            ``(ii) the aggregate amount of which does not exceed $500 
        per election.''.

                 TITLE II--IMPROVING VOTER INFORMATION

SEC. 201. BROADCASTS RELATING TO ALL SENATE CANDIDATES.

    (a) Lowest Unit Charge; National Committees.--Section 315(b) of the 
Communications Act of 1934 (47 U.S.C. 315(b)) is amended--
            (1) by striking ``to such office'' in paragraph (1) and 
        inserting ``to such office, or by a national committee of a 
        political party on behalf of such candidate in connection with 
        such campaign,''; and
            (2) by inserting ``for pre-emptible use thereof'' after 
        ``station'' in subparagraph (A) of paragraph (1).
    (b) Preemption; Audits.--Section 315 of such Act (47 U.S.C. 315) is 
amended--
            (1) by redesignating subsections (c) and (d) as subsections 
        (e) and (f), respectively and moving them to follow the 
        existing subsection (e);
            (2) by redesignating the existing subsection (e) as 
        subsection (c); and
            (3) by inserting after subsection (c) (as redesignated by 
        paragraph (2)) the following:
    ``(d) Preemption.--
            ``(1) In general.--Except as provided in paragraph (2), and 
        notwithstanding the requirements of subsection (b)(1)(A), a 
        licensee shall not preempt the use of a broadcasting station by 
        a legally qualified candidate for Senate who has purchased and 
        paid for such use.
            ``(2) Circumstances beyond control of licensee.--If a 
        program to be broadcast by a broadcasting station is preempted 
        because of circumstances beyond the control of the station, any 
        candidate or party advertising spot scheduled to be broadcast 
        during that program shall be treated in the same fashion as a 
        comparable commercial advertising spot.
    ``(e) Audits.--During the 30-day period preceding a primary 
election and the 60-day period preceding a general election, the 
Commission shall conduct such audits as it deems necessary to ensure 
that each broadcaster to which this section applies is allocating 
television broadcast advertising time in accordance with this section 
and section 312.''.
    (c) Revocation of License for Failure To Permit Access.--Section 
312(a)(7) of the Communications Act of 1934 (47 U.S.C. 312(a)(7)) is 
amended--
            (1) by striking ``or repeated'';
            (2) by inserting ``or cable system'' after ``broadcasting 
        station''; and
            (3) by striking ``his candidacy'' and inserting ``the 
        candidacy of the candidate, under the same terms, conditions, 
        and business practices as apply to the most favored advertiser 
        of the licensee''.
    (d) Stylistic Amendments.--Section 315 of such Act (47 U.S.C. 315) 
is amended--
            (1) by striking ``the'' in subsection (e)(1), as 
        redesignated by subsection (b)(1), and inserting ``Broadcasting 
        station.--'';
            (2) by striking ``the'' in subsection (e)(2), as 
        redesignated by subsection (b)(1), and inserting ``Licensee; 
        station licensee.--''; and
            (3) by inserting ``Regulations.--'' in subsection (f), as 
        redesignated by subsection (b)(1), before ``The Commission''.

SEC. 202. BROADCAST RATES FOR PARTICIPATING CANDIDATES.

    Section 315(b) of the Communications Act of 1934 (47 U.S.C. 
315(b)), as amended by subsection (a), is amended--
            (1) in paragraph (1)(A), by striking ``paragraph (2)'' and 
        inserting ``paragraphs (2) and (3)''; and
            (2) by adding at the end the following:
            ``(3) Participating candidates.--In the case of a 
        participating candidate (as defined under section 501(9) of the 
        Federal Election Campaign Act of 1971), the charges made for 
        the use of any broadcasting station for a television broadcast 
        shall not exceed 80 percent of the lowest charge described in 
        paragraph (1)(A) during--
                    ``(A) the 45 days preceding the date of a primary 
                or primary runoff election in which the candidate is 
                opposed; and
                    ``(B) the 60 days preceding the date of a general 
                or special election in which the candidate is opposed.
            ``(4) Rate cards.--A licensee shall provide to a candidate 
        for Senate a rate card that discloses--
                    ``(A) the rate charged under this subsection; and
                    ``(B) the method that the licensee uses to 
                determine the rate charged under this subsection.''.

SEC. 203. FCC TO PRESCRIBE STANDARDIZED FORM FOR REPORTING CANDIDATE 
              CAMPAIGN ADS.

    (a) In General.--Within 90 days after the date of enactment of this 
Act, the Federal Communications Commission shall initiate a rulemaking 
proceeding to establish a standardized form to be used by broadcasting 
stations, as defined in section 315(f)(1) of the Communications Act of 
1934 (47 U.S.C. 315(f)(1)), to record and report the purchase of 
advertising time by or on behalf of a candidate for nomination for 
election, or for election, to Federal elective office.
    (b) Contents.--The form prescribed by the Commission under 
subsection (a) shall require, broadcasting stations to report to the 
Commission and to the Federal Election Commission, at a minimum--
            (1) the station call letters and mailing address;
            (2) the name and telephone number of the station's sales 
        manager (or individual with responsibility for advertising 
        sales);
            (3) the name of the candidate who purchased the advertising 
        time, or on whose behalf the advertising time was purchased, 
        and the Federal elective office for which he or she is a 
        candidate;
            (4) the name, mailing address, and telephone number of the 
        person responsible for purchasing broadcast political 
        advertising for the candidate;
            (5) notation as to whether the purchase agreement for which 
        the information is being reported is a draft or final version; 
        and
            (6) the following information about the advertisement:
                    (A) The date and time of the broadcast.
                    (B) The program in which the advertisement was 
                broadcast.
                    (C) The length of the broadcast airtime.
    (c) Internet Access.--In its rulemaking under subsection (a), the 
Commission shall require any broadcasting station required to file a 
report under this section that maintains an Internet website to make 
available a link to such reports on that website.

     TITLE III--RESPONSIBILITIES OF THE FEDERAL ELECTION COMMISSION

SEC. 301. PETITION FOR CERTIORARI.

    Section 307(a)(6) of the Federal Election Campaign Act of 1971 (2 
U.S.C. 437d(a)(6)) is amended by inserting ``(including a proceeding 
before the Supreme Court on certiorari)'' after ``appeal''.

SEC. 302. FILING BY SENATE CANDIDATES WITH COMMISSION.

    Section 302(g) of the Federal Election Campaign Act of 1971 (2 
U.S.C. 432(g)) is amended to read as follows:
            ``(g) Filing With the Commission.--All designations, 
        statements, and reports required to be filed under this Act 
        shall be filed with the Commission.''.

SEC. 303. ELECTRONIC FILING OF FEC REPORTS.

    Section 304(a)(11) of the Federal Election Campaign Act of 1971 (2 
U.S.C. 434(a)(11)) is amended--
            (1) in subparagraph (A), by striking ``under this Act--'' 
        and all that follows and inserting ``under this Act shall be 
        required to maintain and file such designation, statement, or 
        report in electronic form accessible by computers.'';
            (2) in subparagraph (B), by striking ``48 hours'' and all 
        that follows through ``filed electronically)'' and inserting 
        ``24 hours''; and
            (3) by striking subparagraph (D).

                   TITLE IV--MISCELLANEOUS PROVISIONS

SEC. 401. SEVERABILITY.

    If any provision of this Act or amendment made by this Act, or the 
application of a provision or amendment to any person or circumstance, 
is held to be unconstitutional, the remainder of this Act and 
amendments made by this Act, and the application of the provisions and 
amendment to any person or circumstance, shall not be affected by the 
holding.

SEC. 402. EFFECTIVE DATE.

    Except as otherwise provided for in this Act, this Act and the 
amendments made by this Act shall take effect on January 1, 2012.
                                 <all>
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