‘‘(1) IN GENERAL.—Notwithstanding subsection 
(c), there are authorized to be appropriated to the 
fund, as repayable advances, such sums as are nec-
essary to carry out the purposes of the fund during 
the period ending on the first presidential election 
occurring after the date of the enactment of this 
subsection. 
‘‘(2) REPAYMENT OF ADVANCES.— 
‘‘(A) IN GENERAL.—Advances made to the 
fund shall be repaid, and interest on such ad-
vances shall be paid, to the general fund of the 
Treasury when the Secretary determines that 
moneys are available for such purposes in the 
fund. 
‘‘(B) RATE OF INTEREST.—Interest on ad-
vances made to the fund shall be at a rate de-
termined by the Secretary of the Treasury (as 
of the close of the calendar month preceding the 
month in which the advance is made) to be 
equal to the current average market yield on 
outstanding marketable obligations of the 
United States with remaining periods to matu-
rity comparable to the anticipated period during 
which the advance will be outstanding and shall 
be compounded annually.’’. 
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(2) EFFECTIVE DATE.—The amendment made 
by this subsection shall take effect January 1, 2013. 
SEC. 118. USE OF GENERAL ELECTION PAYMENTS FOR GEN-
ERAL ELECTION LEGAL AND ACCOUNTING 
COMPLIANCE. 
Section 9002(11) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
sentence: ‘‘For purposes of subparagraph (A), an expense 
incurred by a candidate or authorized committee for gen-
eral election legal and accounting compliance purposes 
shall be considered to be an expense to further the election 
of such candidate.’’. 
Subtitle C—Political Conventions 
SEC. 121. REPEAL OF PUBLIC FINANCING OF PARTY CON-
VENTIONS. 
(a) REPEAL.— 
(1) IN GENERAL.—Chapter 95 of the Internal 
Revenue Code of 1986 is amended by striking sec-
tion 9008. 
(2) CLERICAL AMENDMENT.—The table of sec-
tions of chapter 95 of such Code is amended by 
striking the item relating to section 9008. 
(b) CONFORMING AMENDMENTS.— 
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(1) AVAILABILITY
OF
PAYMENTS
TO
CAN-
DIDATES.—Section 9006(c) of such Code is amended 
by striking ‘‘section 9008(b)(3)’’. 
(2) REPORTS BY FEDERAL ELECTION COMMIS-
SION.—Section 9009 of such Code is amended— 
(A) by adding ‘‘and’’ at the end of para-
graph (2); 
(B) by striking the semicolon at the end of 
paragraph (3) and inserting a period; and 
(C) by striking paragraphs (4), (5), and 
(6). 
(3) PENALTIES.—Section 9012 of such Code, 
as amended by section 112(d)(4), is amended— 
(A) by striking subsection (a) and redesig-
nating subsections (b) through (g) as sub-
sections (a) through (f), respectively; 
(B) in subsection (b), as redesignated by 
subparagraph (A), by striking paragraph (2) 
and redesignating paragraph (3) as paragraph 
(2); 
(C) in subsection (d)(1), as redesignated 
by subparagraph (A), by striking the second 
sentence; and 
(D) in subsection (d)(3), as redesignated 
by subparagraph (A), by striking ‘‘, or in con-
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nection with any expense incurred by the na-
tional committee of a major party or minor 
party with respect to a presidential nominating 
convention’’. 
(4) AVAILABILITY OF PAYMENTS FROM PRESI-
DENTIAL PRIMARY MATCHING ACCOUNT.—The sec-
ond sentence of section 9037(a) of such Code is 
amended by striking ‘‘and for payments under sec-
tion 9008(b)(3)’’. 
SEC. 122. CONTRIBUTIONS FOR POLITICAL CONVENTIONS. 
(a) SEPARATE CONTRIBUTION LIMITATION.— 
(1) INDIVIDUALS.— 
(A) IN
GENERAL.—Subsection (a)(1) of 
section 315 of the Federal Election Campaign 
Act of 1971 (2 U.S.C. 441a) is amended by 
striking ‘‘or’’ at the end of subparagraph (C), 
by striking the period at the end of subpara-
graph (D) and inserting ‘‘; or’’, and by adding 
at the end the following new subparagraph: 
‘‘(E) to the national nominating convention 
account of political committees established and 
maintained by a national political party, in any 
4-year period ending on the last day of the cal-
endar year beginning on the day after a general 
election for the office of President which, in the 
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aggregate, exceed the dollar amount in effect 
under subparagraph (B);’’. 
(B) CONFORMING AMENDMENT.—Subpara-
graph (B) of section 315(a)(1) of such Act (2 
U.S.C. 441a(a)(1)) is amended by inserting 
‘‘(other than to the national nominating conven-
tion accounts of such political committees which 
are described in subparagraph (E))’’ after ‘‘na-
tional political party’’. 
(2) AGGREGATE CONTRIBUTION LIMITATION.— 
Paragraph (3) of section 315(a) of such Act (2 
U.S.C. 441a(a)) is amended by adding at the end 
the following new flush sentence: 
‘‘The dollar amount in subparagraph (B) shall be in-
creased by the amount of contributions (not in excess of 
the dollar amount in effect under subparagraph (E)) made 
to the national nominating convention account of a polit-
ical committee established and maintained by a national 
political party during the period described in the preceding 
sentence.’’. 
(b) NATIONAL
NOMINATING
CONVENTION
AC-
COUNT.—Subsection (a) of section 315 of such Act (2 
U.S.C. 441a) is amended by adding at the end the fol-
lowing new paragraph: 
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‘‘(9) For purposes of this subsection, the na-
tional nomination convention account of any political 
committees established and maintained by a national 
political party is a separate account the funds of 
which may only be used to defray the costs of the 
national nominating convention of such party.’’. 
SEC. 123. PROHIBITION ON USE OF SOFT MONEY. 
Section 323 of the Federal Election Campaign Act 
of 1971 (2 U.S.C. 441i) is amended by adding at the end 
the following new subsection: 
‘‘(g) NATIONAL
CONVENTIONS.—Any person de-
scribed in subsection (a) or (e) shall not solicit, receive, 
direct, transfer, or spend any funds in connection with a 
presidential nominating convention of any political party, 
including funds from or for a host committee, civic com-
mittee, municipality, or any other person or entity spend-
ing funds in connection with such a convention, unless 
such funds— 
‘‘(1) are not in excess of the amounts permitted 
with respect to contributions to the political com-
mittee established and maintained by a national po-
litical party committee under section 315; and 
‘‘(2) are not from sources prohibited by this Act 
from making contributions in connection with an 
election for Federal office.’’. 
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