candidate has made expenditures prior to the date 
the candidate files a statement of intent under sec-
tion 511(a)(1) that the candidate is prohibited from 
making under subsection (a) or subsection (b), the 
candidate is not in violation of such subsection if the 
aggregate amount of the prohibited expenditures is 
less than the amount referred to in section 
512(a)(2) (relating to the total dollar amount of 
qualified small dollar contributions which the can-
didate is required to obtain) which is applicable to 
the candidate. 
‘‘(3) EXCEPTION
FOR
CAMPAIGN
SURPLUSES 
FROM
A
PREVIOUS
ELECTION.—Notwithstanding 
paragraph (1), unexpended contributions received by 
the candidate or an authorized committee of the 
candidate with respect to a previous election may be 
retained, but only if the candidate places the funds 
in escrow and refrains from raising additional funds 
for or spending funds from that account during the 
election cycle in which a candidate is a participating 
candidate. 
‘‘(4) EXCEPTION
FOR
CONTRIBUTIONS
RE-
CEIVED
BEFORE
THE
EFFECTIVE
DATE
OF
THIS 
TITLE.—Contributions received and expenditures 
made by the candidate or an authorized committee 
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of the candidate prior to the effective date of this 
title shall not constitute a violation of subsection (a) 
or (b). Unexpended contributions shall be treated 
the same as campaign surpluses under paragraph 
(3), and expenditures made shall count against the 
limit in paragraph (2). 
‘‘(d) SPECIAL RULE FOR COORDINATED PARTY EX-
PENDITURES.—For purposes of this section, a payment 
made by a political party in coordination with a partici-
pating candidate shall not be treated as a contribution to 
or as an expenditure made by the participating candidate. 
‘‘(e) PROHIBITION ON JOINT FUNDRAISING COMMIT-
TEES.— 
‘‘(1) PROHIBITION.—An authorized committee 
of a candidate who is certified as a participating 
candidate under this title with respect to an election 
may not establish a joint fundraising committee with 
a political committee other than another authorized 
committee of the candidate. 
‘‘(2) STATUS OF EXISTING COMMITTEES FOR 
PRIOR
ELECTIONS.—If a candidate established a 
joint fundraising committee described in paragraph 
(1) with respect to a prior election for which the 
candidate was not certified as a participating can-
didate under this title and the candidate does not 
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terminate the committee, the candidate shall not be 
considered to be in violation of paragraph (1) so 
long as that joint fundraising committee does not re-
ceive any contributions or make any disbursements 
during the election cycle for which the candidate is 
certified as a participating candidate under this title. 
‘‘(f) PROHIBITION ON LEADERSHIP PACS.— 
‘‘(1) PROHIBITION.—A candidate who is cer-
tified as a participating candidate under this title 
with respect to an election may not establish, fi-
nance, maintain, or control a leadership PAC. 
‘‘(2) 
STATUS
OF
EXISTING
LEADERSHIP 
PACS.—If a candidate established, financed, main-
tained, or controlled a leadership PAC prior to being 
certified as a participating candidate under this title 
and the candidate does not terminate the leadership 
PAC, the candidate shall not be considered to be in 
violation of paragraph (1) so long as the leadership 
PAC does not receive any contributions or make any 
disbursements during the election cycle for which the 
candidate is certified as a participating candidate 
under this title. 
‘‘(3) LEADERSHIP PAC DEFINED.—In this sub-
section, the term ‘leadership PAC’ has the meaning 
given such term in section 304(i)(8)(B). 
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‘‘SEC. 522. ADMINISTRATION OF CAMPAIGN. 
‘‘(a) SEPARATE ACCOUNTING
FOR VARIOUS PER-
MITTED CONTRIBUTIONS.—Each authorized committee of 
a candidate certified as a participating candidate under 
this title— 
‘‘(1) shall provide for separate accounting of 
each type of contribution described in section 521(a) 
which is received by the committee; and 
‘‘(2) shall provide for separate accounting for 
the political advertising vouchers received under this 
title. 
‘‘(b) ENHANCED DISCLOSURE OF INFORMATION ON 
DONORS.— 
‘‘(1) MANDATORY IDENTIFICATION OF INDIVID-
UALS
MAKING
QUALIFIED
SMALL
DOLLAR
CON-
TRIBUTIONS.—Each authorized committee of a par-
ticipating candidate under this title shall elect, in ac-
cordance with section 304(b)(3)(A), to include in the 
reports the committee submits under section 304 the 
identification of each person who makes a qualified 
small dollar contribution to the committee. 
‘‘(2) 
MANDATORY
DISCLOSURE
THROUGH 
INTERNET.—Each authorized committee of a partici-
pating candidate under this title shall ensure that all 
information reported to the Commission under this 
Act with respect to contributions and expenditures 
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of the committee is available to the public on the 
Internet (whether through a site established for pur-
poses of this subsection, a hyperlink on another pub-
lic site of the committee, or a hyperlink on a report 
filed electronically with the Commission) in a search-
able, sortable, and downloadable manner. 
‘‘SEC. 523. RETURNING UNUSED VOUCHERS AND FUNDS 
AFTER ELECTION. 
‘‘Not later than the date that is 180 days after the 
last election for which a candidate certified as a partici-
pating candidate qualifies to be on the ballot during the 
election cycle involved, such participating candidate shall 
return to the Commission— 
‘‘(1) any political advertising vouchers provided 
to authorized committees of the candidate which re-
main unused as of such date; and 
‘‘(2) any amounts remaining in the separate, 
segregated accounts established by authorized com-
mittees of the candidate under section 503(c) for the 
receipt of the payments made under this title to de-
fray the costs of postage incurred in connection with 
the election. 
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‘‘Subtitle D—Administrative 
Provisions 
‘‘SEC. 531. CLEAN MONEY FUND. 
‘‘(a) ESTABLISHMENT.—There is established in the 
Treasury a fund to be known as the ‘Clean Money Fund’. 
‘‘(b) AMOUNTS HELD BY FUND.—The Fund shall 
consist of the following amounts: 
‘‘(1) APPROPRIATED AMOUNTS.—Amounts ap-
propriated to the Fund, including trust fund 
amounts appropriated pursuant to applicable provi-
sions of the Internal Revenue Code of 1986. 
‘‘(2) OTHER
DEPOSITS.—Amounts deposited 
into the Fund under— 
‘‘(A) section 521(c) (relating to exceptions 
to contribution requirements); 
‘‘(B) section 533 (relating to violations); 
and 
‘‘(C) any other section of this Act. 
‘‘(3) 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. 
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‘‘(d) USE OF FUND.— 
‘‘(1) IN GENERAL.—Amounts in the Fund shall 
be available without further appropriation or fiscal 
year limitation to redeem vouchers which are accept-
ed by broadcasting stations and online platforms as 
payment for the purchase of time for the dissemina-
tion of political advertisements under subtitle A. 
‘‘(2) INSUFFICIENT AMOUNTS.—Under regula-
tions established by the Commission, rules similar to 
the rules of section 9006(c) of the Internal Revenue 
Code of 1986 shall apply. 
‘‘SEC. 532. ADMINISTRATION BY COMMISSION. 
‘‘(a) REGULATIONS.—The Commission shall pre-
scribe regulations to carry out the purposes of this title, 
including regulations— 
‘‘(1) verifying the amount of qualified small dol-
lar contributions with respect to a candidate; 
‘‘(2) effectively and efficiently monitoring and 
enforcing the limits on the raising of qualified small 
dollar contributions; 
‘‘(3) effectively and efficiently monitoring and 
enforcing the limits on the use of personal funds by 
participating candidates; and 
‘‘(4) monitoring the use of political advertising 
vouchers and payments provided under this title 
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through audits of not fewer than 1⁄10 (or, in the case 
of the first 3 election cycles during which the pro-
gram under this title is in effect, not fewer than 1⁄3) 
of all participating candidates or other mechanisms. 
‘‘(b) REVIEW OF PROGRAM.— 
‘‘(1) IN GENERAL.—After each regularly sched-
uled general election for Federal office, the Commis-
sion shall conduct a comprehensive review of the 
program under this title, including— 
‘‘(A) the maximum and minimum dollar 
amounts of qualified small dollar contributions 
under section 504; 
‘‘(B) the number and value of qualified 
small dollar contributions a candidate is re-
quired to obtain under section 512(a) to be eli-
gible for certification as a participating can-
didate; 
‘‘(C) the value of the political advertising 
vouchers a candidate may receive under this 
title; 
‘‘(D) the amount of the payment made to 
a candidate under this title to defray the cost 
of postage; 
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‘‘(E) the overall satisfaction of partici-
pating candidates and the American public with 
the program; and 
‘‘(F) such other matters relating to financ-
ing of campaigns as the Commission determines 
are appropriate. 
‘‘(2) CRITERIA
FOR
REVIEW.—In conducting 
the review under paragraph (1), the Commission 
shall consider the following: 
‘‘(A) QUALIFIED
SMALL
DOLLAR
CON-
TRIBUTIONS.—The Commission shall consider 
whether the number and dollar amounts of 
qualified small dollar contributions required 
strikes an appropriate balance regarding the 
importance of voter involvement, the need to as-
sure adequate incentives for participating, and 
fiscal responsibility, taking into consideration 
the number of primary and general election 
participating candidates, the electoral perform-
ance of those candidates, program cost, and any 
other information the Oversight Commission de-
termines is appropriate. 
‘‘(B) REVIEW OF PAYMENT LEVELS.—The 
Commission shall consider whether the totality 
of the amount of funds allowed to be raised by 
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participating candidates (including through 
qualified small dollar contributions) and the 
value of political advertising vouchers and pay-
ments made to defray the costs of postage pro-
vided under this title are sufficient for voters in 
each State to learn about the candidates to cast 
an informed vote, taking into account the his-
toric amount of spending by winning can-
didates, media costs, primary election dates, 
and any other information the Commission de-
termines is appropriate. 
‘‘(3) RECOMMENDATIONS FOR ADJUSTMENT OF 
AMOUNTS.—Based on the review conducted under 
paragraph (1), the Commission may recommend to 
Congress adjustments of the following amounts: 
‘‘(A) The number and value of qualified 
small dollar contributions a candidate is re-
quired to obtain under section 512(a) to be eli-
gible for certification as a participating can-
didate. 
‘‘(B) The value of the political advertising 
vouchers a candidate may receive under this 
title. 
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‘‘(C) The amount of the payment made to 
a candidate under this title to defray the costs 
of postage. 
‘‘(c) REPORTS.—Not later than each June 1 which 
follows a regularly scheduled general election for Federal 
office for which payments were made under this title, the 
Commission shall submit to the Committee on House Ad-
ministration of the House of Representatives a report— 
‘‘(1) containing an analysis of the review con-
ducted under subsection (b), including a detailed 
statement of the Commission’s findings, conclusions, 
and recommendations based on such review, includ-
ing any recommendations for adjustments of 
amounts described in subsection (b)(3); and 
‘‘(2) documenting, evaluating, and making rec-
ommendations relating to the administrative imple-
mentation and enforcement of the provisions of this 
title. 
‘‘SEC. 533. VIOLATIONS AND PENALTIES. 
‘‘(a) CIVIL PENALTY FOR VIOLATION OF CONTRIBU-
TION
AND EXPENDITURE REQUIREMENTS.—If a can-
didate who has been certified as a participating candidate 
accepts a contribution or makes an expenditure that is 
prohibited under section 521, the Commission may assess 
a civil penalty against the candidate in an amount that 
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