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‘‘(A) IN GENERAL.—In the case of any ap-
plicable period beginning after 2029, the dollar 
amount in paragraph (1) shall be increased by 
an amount equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year following the year which such 
applicable period begins, determined by 
substituting ‘calendar year 2028’ for ‘cal-
endar year 1992’ in subparagraph (B) 
thereof. 
‘‘(B) APPLICABLE PERIOD.—For purposes 
of this paragraph, the term ‘applicable period’ 
means the 4-year period beginning with the 
first day following the date of the general elec-
tion for the office of President and ending on 
the date of the next such general election. 
‘‘(C) ROUNDING.—If any amount as ad-
justed under subparagraph (1) is not a multiple 
of $10,000, such amount shall be rounded to 
the nearest multiple of $10,000.’’. 
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SEC. 5202. ELIGIBILITY REQUIREMENTS FOR MATCHING 
PAYMENTS. 
(a) AMOUNT OF AGGREGATE CONTRIBUTIONS PER 
STATE; DISREGARDING OF AMOUNTS CONTRIBUTED IN 
EXCESS OF $200.—Section 9033(b)(3) of the Internal 
Revenue Code of 1986 is amended— 
(1) 
by 
striking 
‘‘$5,000’’ 
and 
inserting 
‘‘$25,000’’; and 
(2) by striking ‘‘20 States’’ and inserting the 
following: ‘‘20 States (disregarding 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 $200)’’. 
(b) CONTRIBUTION LIMIT.— 
(1) IN
GENERAL.—Paragraph (4) of section 
9033(b) of such Code is amended to read as follows: 
‘‘(4) the candidate and the authorized commit-
tees of the candidate will not accept aggregate con-
tributions from any person with respect to the nomi-
nation for election to the office of President of the 
United States in excess of $1,000 for the election.’’. 
(2) CONFORMING AMENDMENTS.— 
(A) Section 9033(b) of such Code is 
amended by adding at the end the following 
new flush sentence: 
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‘‘For purposes of paragraph (4), the term ‘contribution’ 
has the meaning given such term in section 301(8) of the 
Federal Election Campaign Act of 1971.’’. 
(B) Section 9032(4) of such Code, as 
amended by section 5201(a)(3)(A), is amended 
by inserting ‘‘or 9033(b)’’ after ‘‘9034’’. 
(c) PARTICIPATION IN SYSTEM FOR PAYMENTS FOR 
GENERAL ELECTION.—Section 9033(b) of such Code is 
amended— 
(1) by striking ‘‘and’’ at the end of paragraph 
(3); 
(2) by striking the period at the end of para-
graph (4) and inserting ‘‘, and’’; and 
(3) by inserting after paragraph (4) the fol-
lowing new paragraph: 
‘‘(5) if the candidate is nominated by a political 
party for election to the office of President, the can-
didate will apply for and accept payments with re-
spect to the general election for such office in ac-
cordance with chapter 95.’’. 
(d) PROHIBITION ON JOINT FUNDRAISING COMMIT-
TEES.—Section 9033(b) of such Code, as amended by sub-
section (c), is amended— 
(1) by striking ‘‘and’’ at the end of paragraph 
(4); 
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(2) by striking the period at the end of para-
graph (5) and inserting ‘‘; and’’; and 
(3) by inserting after paragraph (5) adding at 
the end the following new paragraph: 
‘‘(6) the candidate will not establish a joint 
fundraising committee with a political committee 
other than another authorized committee of the can-
didate, except that candidate established a joint 
fundraising committee with respect to a prior elec-
tion for which the candidate was not eligible to re-
ceive payments under section 9037 and the can-
didate does not terminate the committee, the can-
didate 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 section.’’. 
SEC. 5203. REPEAL OF EXPENDITURE LIMITATIONS. 
(a) IN GENERAL.—Subsection (a) of section 9035 of 
the Internal Revenue Code of 1986 is amended to read 
as follows: 
‘‘(a) PERSONAL EXPENDITURE LIMITATION.—No 
candidate shall knowingly make expenditures from his per-
sonal funds, or the personal funds of his immediate family, 
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in connection with his campaign for nomination for elec-
tion to the office of President in excess of, in the aggre-
gate, $50,000.’’. 
(b) CONFORMING AMENDMENT.—Paragraph (1) of 
section 9033(b) of the Internal Revenue Code of 1986 is 
amended to read as follows: 
‘‘(1) the candidate will comply with the per-
sonal expenditure limitation under section 9035,’’. 
SEC. 5204. PERIOD OF AVAILABILITY OF MATCHING PAY-
MENTS. 
Section 9032(6) of the Internal Revenue Code of 
1986 is amended by striking ‘‘the beginning of the cal-
endar year in which a general election for the office of 
President of the United States will be held’’ and inserting 
‘‘the date that is 6 months prior to the date of the earliest 
State primary election’’. 
SEC. 5205. EXAMINATION AND AUDITS OF MATCHABLE CON-
TRIBUTIONS. 
Section 9038(a) of the Internal Revenue Code of 
1986 is amended by inserting ‘‘and matchable contribu-
tions accepted by’’ after ‘‘qualified campaign expenses of’’. 
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SEC. 5206. MODIFICATION TO LIMITATION ON CONTRIBU-
TIONS FOR PRESIDENTIAL PRIMARY CAN-
DIDATES. 
Section 315(a)(6) of the Federal Election Campaign 
Act of 1971 (52 U.S.C. 30116(a)(6)) is amended by strik-
ing ‘‘calendar year’’ and inserting ‘‘four-year election 
cycle’’. 
SEC. 5207. USE OF FREEDOM FROM INFLUENCE FUND AS 
SOURCE OF PAYMENTS. 
(a) IN GENERAL.—Chapter 96 of subtitle H of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following new section: 
‘‘SEC. 9043. USE OF FREEDOM FROM INFLUENCE FUND AS 
SOURCE OF PAYMENTS. 
‘‘(a) IN GENERAL.—Notwithstanding any other pro-
vision of this chapter, effective with respect to the Presi-
dential election held in 2028 and each succeeding Presi-
dential election, all payments made to candidates under 
this chapter shall be made from the Freedom From Influ-
ence Fund established under section 541 of the Federal 
Election Campaign Act of 1971 (hereafter in this section 
referred to as the ‘Fund’). 
‘‘(b) MANDATORY REDUCTION
OF PAYMENTS
IN 
CASE OF INSUFFICIENT AMOUNTS IN FUND.— 
‘‘(1) ADVANCE AUDITS BY COMMISSION.—Not 
later than 90 days before the first day of each Presi-
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dential election cycle (beginning with the cycle for 
the election held in 2028), the Commission shall— 
‘‘(A) audit the Fund to determine whether, 
after first making payments to participating 
candidates under title V of the Federal Election 
Campaign Act of 1971 and then making pay-
ments to States under the My Voice Voucher 
Program under the Government By the People 
Act of 2019, the amounts remaining in the 
Fund will be sufficient to make payments to 
candidates under this chapter in the amounts 
provided under this chapter during such elec-
tion cycle; and 
‘‘(B) submit a report to Congress describ-
ing the results of the audit. 
‘‘(2) REDUCTIONS IN AMOUNT OF PAYMENTS.— 
‘‘(A) AUTOMATIC
REDUCTION
ON
PRO 
RATA BASIS.—If, on the basis of the audit de-
scribed in paragraph (1), the Commission deter-
mines that the amount anticipated to be avail-
able in the Fund with respect to the Presi-
dential election cycle involved is not, or may not 
be, sufficient to satisfy the full entitlements of 
candidates to payments under this chapter for 
such cycle, the Commission shall reduce each 
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amount which would otherwise be paid to a can-
didate under this chapter by such pro rata 
amount as may be necessary to ensure that the 
aggregate amount of payments anticipated to 
be made with respect to the cycle will not ex-
ceed the amount anticipated to be available for 
such payments in the Fund with respect to such 
cycle. 
‘‘(B) RESTORATION
OF
REDUCTIONS
IN 
CASE OF AVAILABILITY OF SUFFICIENT FUNDS 
DURING ELECTION CYCLE.—If, after reducing 
the amounts paid to candidates with respect to 
an election cycle under subparagraph (A), the 
Commission determines that there are sufficient 
amounts in the Fund to restore the amount by 
which such payments were reduced (or any por-
tion thereof), to the extent that such amounts 
are available, the Commission may make a pay-
ment on a pro rata basis to each such candidate 
with respect to the election cycle in the amount 
by which such candidate’s payments were re-
duced under subparagraph (A) (or any portion 
thereof, as the case may be). 
‘‘(C) NO USE OF AMOUNTS FROM OTHER 
SOURCES.—In any case in which the Commis-
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sion determines that there are insufficient mon-
eys in the Fund to make payments to can-
didates under this chapter, moneys shall not be 
made available from any other source for the 
purpose of making such payments. 
‘‘(3) NO EFFECT ON AMOUNTS TRANSFERRED 
FOR PEDIATRIC RESEARCH INITIATIVE.—This sec-
tion does not apply to the transfer of funds under 
section 9008(i). 
‘‘(4) PRESIDENTIAL
ELECTION
CYCLE
DE-
FINED.—In this section, the term ‘Presidential elec-
tion cycle’ means, with respect to a Presidential elec-
tion, the period beginning on the day after the date 
of the previous Presidential general election and 
ending on the date of the Presidential election.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter 96 of subtitle H of such Code is amended by 
adding at the end the following new item: 
‘‘Sec. 9043. Use of Freedom From Influence Fund as source of payments.’’. 
PART 2—GENERAL ELECTIONS 
SEC. 5211. MODIFICATION OF ELIGIBILITY REQUIREMENTS 
FOR PUBLIC FINANCING. 
Subsection (a) of section 9003 of the Internal Rev-
enue Code of 1986 is amended to read as follows: 
‘‘(a) IN GENERAL.—In order to be eligible to receive 
any payments under section 9006, the candidates of a po-
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litical party in a Presidential election shall meet the fol-
lowing requirements: 
‘‘(1) PARTICIPATION
IN
PRIMARY
PAYMENT 
SYSTEM.—The candidate for President received pay-
ments under chapter 96 for the campaign for nomi-
nation for election to be President. 
‘‘(2) AGREEMENTS
WITH
COMMISSION.—The 
candidates, in writing— 
‘‘(A) agree to obtain and furnish to the 
Commission such evidence as it may request of 
the qualified campaign expenses of such can-
didates, 
‘‘(B) agree to keep and furnish to the 
Commission such records, books, and other in-
formation as it may request, and 
‘‘(C) agree to an audit and examination by 
the Commission under section 9007 and to pay 
any amounts required to be paid under such 
section. 
‘‘(3) PROHIBITION
ON
JOINT
FUNDRAISING 
COMMITTEES.— 
‘‘(A) PROHIBITION.—The candidates cer-
tifies in writing that the candidates will not es-
tablish a joint fundraising committee with a po-
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litical committee other than another authorized 
committee of the candidate. 
‘‘(B) STATUS
OF
EXISTING
COMMITTEES 
FOR PRIOR ELECTIONS.—If a candidate estab-
lished a joint fundraising committee described 
in subparagraph (A) with respect to a prior 
election for which the candidate was not eligible 
to receive payments under section 9006 and the 
candidate does not terminate the committee, 
the candidate shall not be considered to be in 
violation of subparagraph (A) so long as that 
joint fundraising committee does not receive 
any contributions or make any disbursements 
with respect to the election for which the can-
didate is eligible to receive payments under sec-
tion 9006.’’. 
SEC. 5212. REPEAL OF EXPENDITURE LIMITATIONS AND 
USE OF QUALIFIED CAMPAIGN CONTRIBU-
TIONS. 
(a) USE OF QUALIFIED CAMPAIGN CONTRIBUTIONS 
WITHOUT EXPENDITURE LIMITS; APPLICATION OF SAME 
REQUIREMENTS FOR MAJOR, MINOR, AND NEW PAR-
TIES.—Section 9003 of the Internal Revenue Code of 
1986 is amended by striking subsections (b) and (c) and 
inserting the following: 
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‘‘(b) USE OF QUALIFIED CAMPAIGN CONTRIBUTIONS 
TO DEFRAY EXPENSES.— 
‘‘(1) IN GENERAL.—In order to be eligible to 
receive any payments under section 9006, the can-
didates of a party in a Presidential election shall 
certify to the Commission, under penalty of perjury, 
that— 
‘‘(A) such candidates and their authorized 
committees have not and will not accept any 
contributions to defray qualified campaign ex-
penses other than— 
‘‘(i) qualified campaign contributions, 
and 
‘‘(ii) contributions to the extent nec-
essary to make up any deficiency payments 
received out of the fund on account of the 
application of section 9006(c), and 
‘‘(B) 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 subpara-
graph (C) of section 9002(11). 
‘‘(2) TIMING
OF
CERTIFICATION.—The can-
didate shall make the certification required under 
this subsection at the same time the candidate 
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redesignated by subparagraph (A), is amend-
ed— 
(i) by striking ‘‘a major party’’ and 
inserting ‘‘a party’’; 
(ii) by inserting ‘‘qualified contribu-
tions and’’ after ‘‘contributions (other 
than’’; and 
(iii) by striking ‘‘(other than qualified 
campaign expenses with respect to which 
payment is required under paragraph 
(2))’’. 
(3) CRIMINAL PENALTIES.— 
(A) REPEAL OF PENALTY FOR EXCESS EX-
PENSES.—Section 9012 of the Internal Revenue 
Code of 1986 is amended by striking subsection 
(a). 
(B) PENALTY FOR ACCEPTANCE OF DIS-
ALLOWED
CONTRIBUTIONS; APPLICATION
OF 
SAME PENALTY FOR CANDIDATES OF MAJOR, 
MINOR, AND NEW PARTIES.—Subsection (b) of 
section 9012 of such Code is amended to read 
as follows: 
‘‘(b) CONTRIBUTIONS.— 
‘‘(1) ACCEPTANCE OF DISALLOWED CONTRIBU-
TIONS.—It shall be unlawful for an eligible can-
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didate of a party in a Presidential election or any of 
his authorized committees knowingly and willfully to 
accept— 
‘‘(A) any contribution other than a quali-
fied campaign contribution to defray qualified 
campaign expenses, except to the extent nec-
essary to make up any deficiency in payments 
received out of the fund on account of the ap-
plication of section 9006(c); or 
‘‘(B) any contribution to defray expenses 
which would be qualified campaign expenses but 
for subparagraph (C) of section 9002(11). 
‘‘(2) PENALTY.—Any person who violates para-
graph (1) shall be fined not more than $5,000, or 
imprisoned not more than one year, or both. In the 
case of a violation by an authorized committee, any 
officer or member of such committee who knowingly 
and willfully consents to such violation shall be fined 
not more than $5,000, or imprisoned not more than 
one year, or both.’’. 
SEC. 5213. MATCHING PAYMENTS AND OTHER MODIFICA-
TIONS TO PAYMENT AMOUNTS. 
(a) IN GENERAL.— 
(1) AMOUNT OF PAYMENTS; APPLICATION OF 
SAME AMOUNT FOR CANDIDATES OF MAJOR, MINOR, 
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AND NEW PARTIES.—Subsection (a) of section 9004 
of the Internal Revenue Code of 1986 is amended to 
read as follows: 
‘‘(a) IN GENERAL.—Subject to the provisions of this 
chapter, the eligible candidates of a party in a Presidential 
election shall be entitled to equal payment under section 
9006 in an amount equal to 600 percent of the amount 
of each matchable contribution received by such candidate 
or by the candidate’s authorized committees (disregarding 
any amount of contributions from any person to the extent 
that the total of the amounts contributed by such person 
for the election exceeds $200), except that total amount 
to which a candidate is entitled under this paragraph shall 
not exceed $250,000,000.’’. 
(2) REPEAL
OF
SEPARATE
LIMITATIONS
FOR 
CANDIDATES OF MINOR AND NEW PARTIES; INFLA-
TION ADJUSTMENT.—Subsection (b) of section 9004 
of such Code is amended to read as follows: 
‘‘(b) INFLATION ADJUSTMENT.— 
‘‘(1) IN GENERAL.—In the case of any applica-
ble period beginning after 2029, the $250,000,000 
dollar amount in subsection (a) shall be increased by 
an amount equal to— 
‘‘(A) such dollar amount; multiplied by 
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‘‘(B) the cost-of-living adjustment deter-
mined under section 1(f)(3) for the calendar 
year following the year which such applicable 
period begins, determined by substituting ‘cal-
endar year 2028’ for ‘calendar year 1992’ in 
subparagraph (B) thereof. 
‘‘(2) APPLICABLE
PERIOD.—For purposes of 
this subsection, the term ‘applicable period’ means 
the 4-year period beginning with the first day fol-
lowing the date of the general election for the office 
of President and ending on the date of the next such 
general election. 
‘‘(3) ROUNDING.—If any amount as adjusted 
under paragraph (1) is not a multiple of $10,000, 
such amount shall be rounded to the nearest mul-
tiple of $10,000.’’. 
(3) 
CONFORMING
AMENDMENT.—Section 
9005(a) of such Code is amended by adding at the 
end the following new sentence: ‘‘The Commission 
shall make such additional certifications as may be 
necessary to receive payments under section 9004.’’. 
(b) MATCHABLE CONTRIBUTION.—Section 9002 of 
such Code, as amended by section 5212(b), is amended 
by adding at the end the following new paragraph: 
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‘‘(14) MATCHABLE CONTRIBUTION.—The term 
‘matchable contribution’ means, with respect to the 
election to the office of President of the United 
States, a contribution by an individual to a can-
didate or an authorized committee of a candidate 
with respect to which the candidate has certified in 
writing that— 
‘‘(A) the individual making such contribu-
tion has not made aggregate contributions (in-
cluding such matchable contribution) to such 
candidate and the authorized committees of 
such candidate in excess of $1,000 for the elec-
tion; 
‘‘(B) such candidate and the authorized 
committees of such candidate will not accept 
contributions from such individual (including 
such matchable contribution) aggregating more 
than the amount described in subparagraph (A) 
with respect to such election; and 
‘‘(C) such contribution was a direct con-
tribution (as defined in section 9034(c)(3)).’’. 
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