Title: Clean Elections Act
Policy area: Government Operations and Politics

Summary:
Clean Elections Act

This bill establishes and provides funds for a program through which eligible voters may receive vouchers to make contributions to the candidates of their choice in federal elections. The bill repeals the current financing system for presidential election campaigns.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1274 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  1st Session
                                S. 1274

   To amend the Federal Election Campaign Act to provide for public 
 financing for Federal elections through vouchers directed by eligible 
               voters to the candidates of their choice.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 1, 2019

Mrs. Gillibrand introduced the following bill; which was read twice and 
         referred to the Committee on Rules and Administration

_______________________________________________________________________

                                 A BILL


 
   To amend the Federal Election Campaign Act to provide for public 
 financing for Federal elections through vouchers directed by eligible 
               voters to the candidates of their choice.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Clean Elections Act''.

SEC. 2. ESTABLISHMENT OF DEMOCRACY DOLLARS PROGRAM.

    (a) In General.--The Federal Election Campaign Act of 1971 (52 
U.S.C. 30101 et seq.) is amended by adding at the end the following:

                  ``TITLE V--DEMOCRACY DOLLARS PROGRAM

``Sec. 501. Definitions.
``Sec. 502. Distribution of democracy dollars to eligible individuals.
``Sec. 503. Requirements for participating candidates.
``Sec. 504. Use of democracy dollars.
``Sec. 505. Administration.
``Sec. 506. Funding.

``SEC. 501. DEFINITIONS.

    ``For purposes of this title:
            ``(1) Applicable election series.--The term `applicable 
        election series' means, with respect to any Federal office, any 
        of the following elections for such office during an election 
        cycle:
                    ``(A) A primary election (including a primary 
                election held for the selection of delegates to a 
                national nominating convention of a political party and 
                a primary held for the expression of a preference for 
                the nomination of an individual for election to the 
                office of President) for nomination to Federal office.
                    ``(B) A convention or caucus of a political party 
                that has authority to nominate a candidate to Federal 
                office.
                    ``(C) A general election, a special election, or a 
                runoff election for Federal office.
            ``(2) Democracy dollars.--
                    ``(A) In general.--The term `democracy dollars' 
                means a voucher (having such form as determined by the 
                Commission) that is a Congressional democracy dollar, a 
                Senate democracy dollar, or a Presidential democracy 
                dollar.
                    ``(B) Congressional democracy dollar.--A 
                Congressional democracy dollar is a democracy dollar 
                that is restricted such that--
                            ``(i) it may only be transferred to a 
                        qualified candidate for the office of 
                        Representative in, or Delegate or Resident 
                        Commissioner to, the Congress; and
                            ``(ii) in the case of any election cycle 
                        beginning in 2025 or later, may only be 
                        transferred to a qualified candidate for such 
                        office for a district in the State in which the 
                        eligible individual to whom it is distributed 
                        is a qualified resident.
                    ``(C) Senate democracy dollar.--A Senate democracy 
                dollar is a democracy dollar that is restricted such 
                that--
                            ``(i) it may only be transferred to a 
                        qualified candidate for the office of Senator; 
                        and
                            ``(ii) in the case of any election cycle 
                        beginning in 2025 or later, may only be 
                        transferred to a qualified candidate for such 
                        office for the State in which the eligible 
                        individual to whom it is distributed is a 
                        qualified resident.
                    ``(D) Presidential democracy dollar.--A 
                Presidential democracy dollar is a democracy dollar 
                that is restricted such that it may only be transferred 
                to qualified candidates for the offices of President or 
                Vice President.
            ``(3) Democracy dollar account.--The term `democracy dollar 
        account' means an account of a participating candidate that 
        consists only of amounts paid under section 504(a)(3) and that 
        meets such other requirements as established by the Commission.
            ``(4) Election cycle.--The term `election cycle' means the 
        2-year period beginning on January 1 of each odd-numbered year.
            ``(5) Eligible individual.--The term `eligible individual' 
        means, with respect to any election cycle, an individual who--
                    ``(A) is a citizen or national of the United 
                States; and
                    ``(B) has attained the age of 18.
            ``(6) Participating candidate.--The term `participating 
        candidate' means a candidate who is certified by the Commission 
        under section 503.
            ``(7) Qualified resident.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the term `qualified resident' means, 
                with respect to any State, an eligible individual whose 
                primary residence is located in such State.
                    ``(B) Exceptions.--
                            ``(i) Students.--Any eligible individual 
                        who is a full-time student attending a post-
                        secondary educational institution may elect to 
                        treat the State in which such institution is 
                        located as the State in which such individual 
                        is a qualified resident.
                            ``(ii) Individuals living abroad.--Any 
                        eligible individual whose primary residence is 
                        outside the United States shall be treated as a 
                        qualified resident of--
                                    ``(I) in the case of an eligible 
                                individual who is qualified to vote in 
                                a State, the State in which the 
                                individual is qualified to vote; or
                                    ``(II) in the case of any other 
                                eligible individual, the last State in 
                                which such individual was domiciled 
                                before leaving the United States.

``SEC. 502. DISTRIBUTION OF DEMOCRACY DOLLARS TO ELIGIBLE INDIVIDUALS.

    ``(a) Process and Methods for Distribution.--
            ``(1) In general.--Upon request of an eligible individual 
        who is a qualified resident of a State in which an election for 
        Federal office (other than a runoff election) is held, the 
        Commission shall provide to such individual democracy dollars 
        that may be used only in such election in the amount determined 
        under subsection (b).
            ``(2) Limitations.--
                    ``(A) Time for making request.--Any request under 
                subsection (a) shall be made--
                            ``(i) no earlier than the first day of the 
                        election cycle in which the election occurs; 
                        and
                            ``(ii) no later than 10 days before the 
                        date of the election to which it relates.
                In the case of elections to nominate a candidate for 
                election to a Federal office which do not occur on the 
                same day, clause (ii) shall be applied by using the 
                date of last such election occurring in the State.
                    ``(B) Limitation on distributions.--Except in the 
                case of a special election, the Commission shall not 
                provide democracy dollars to any individual for more 
                than one primary election and one general election for 
                each of the following offices:
                            ``(i) The office of Representative in, or 
                        Delegate or Resident Commissioner to, the 
                        Congress.
                            ``(ii) The office of Senator.
                            ``(iii) The office of President and Vice 
                        President.
            ``(3) Methods.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), democracy dollars shall be 
                distributed in such manner as the Commission determines 
                appropriate.
                    ``(B) Pilot program for mailed democracy dollars.--
                The Commission shall conduct a pilot program for the 
                distribution of democracy dollars through the mail. If 
                the Commission determines that such program is a cost 
                effective way to expand participation and attract a 
                more diverse group of participants, the Commission 
                shall expand such program for future elections.
    ``(b) Determination of Type and Amount of Democracy Dollars 
Provided.--
            ``(1) In general.--The amount determined under this section 
        is--
                    ``(A) in the case of any election (other than a 
                runoff election) for the office of Representative in, 
                or Delegate or Resident Commissioner to, the Congress, 
                the Congressional amount;
                    ``(B) in the case of any election (other than a 
                runoff election) for nomination to the office of 
                Senator, the Senate amount; and
                    ``(C) in the case of any election for nomination to 
                the office of, or the office of, President or Vice 
                President, the Presidential amount.
            ``(2) Amounts.--For purposes of this title:
                    ``(A) Congressional amount.--
                            ``(i) In general.--The Congressional amount 
                        is an amount equal to $100.
                            ``(ii) Increase.--In the case of any 
                        election cycle beginning after 2022, the amount 
                        determined under clause (i) for any election 
                        cycle shall be the sum of the dollar amount in 
                        effect under such clause for the preceding 
                        election cycle increased by the product of--
                                    ``(I) 75 percent (or the percentage 
                                specified pursuant to section 505(c) 
                                for such election cycle) of the 
                                percentage (if any) by which--
                                            ``(aa) the average of the 
                                        total amount of contributions 
                                        received during the preceding 
                                        election cycle by each 
                                        candidate for the office of 
                                        Representative in, or Delegate 
                                        or Resident Commissioner to, 
                                        the Congress who is not a 
                                        participating candidate; 
                                        exceeds
                                            ``(bb) the average of the 
                                        total amount of contributions 
                                        received during the preceding 
                                        election cycle by each 
                                        participating candidate for the 
                                        office of Representative in, or 
                                        Delegate or Resident 
                                        Commissioner to, the Congress; 
                                        and
                                    ``(II) the dollar amount in effect 
                                under clause (i) for the preceding 
                                election cycle.
                            ``(iii) Inflation adjustment.--In the case 
                        of any election cycle beginning after 2022 for 
                        which there is no increase under clause (ii), 
                        the Congressional amount in effect for such 
                        election cycle shall be the sum of--
                                    ``(I) the greater of the dollar 
                                amount specified in clause (i) or the 
                                dollar amount the amount in effect for 
                                the most recent election cycle for 
                                which there was such an increase; plus
                                    ``(II) the percent increase 
                                determined under section 315(c), 
                                determined as if the base period were--
                                            ``(aa) if there was no 
                                        prior increase in such dollar 
                                        amount pursuant to clause (ii), 
                                        2021; or
                                            ``(bb) in any other case, 
                                        the calendar year immediately 
                                        preceding the first calendar 
                                        year in the election cycle for 
                                        which the most recent such 
                                        prior increase occurred.
                    ``(B) Senate amount.--
                            ``(i) In general.--The Senate amount is an 
                        amount equal to $100.
                            ``(ii) Increase.--In the case of any 
                        election cycle beginning after 2022, the amount 
                        determined under clause (i) for any election 
                        cycle shall be the sum of the dollar amount in 
                        effect under such clause for the preceding 
                        election cycle increased by the product of--
                                    ``(I) 75 percent (or the percentage 
                                specified pursuant to section 505(c) 
                                for such election cycle) of the 
                                percentage (if any) by which--
                                            ``(aa) the average of the 
                                        total amount of contributions 
                                        received during the preceding 
                                        election cycle by each 
                                        candidate for the office of 
                                        Senator who is not a 
                                        participating candidate; 
                                        exceeds
                                            ``(bb) the average of the 
                                        total amount of contributions 
                                        received during the preceding 
                                        election cycle by each 
                                        participating candidate for the 
                                        office of Senator; and
                                    ``(II) the dollar amount in effect 
                                under clause (i) for the preceding 
                                election cycle.
                            ``(iii) Inflation adjustment.--In the case 
                        of any election cycle beginning after 2022 for 
                        which there is no increase under clause (ii), 
                        the Senate amount in effect for such election 
                        cycle shall be the sum of--
                                    ``(I) the greater of the dollar 
                                amount specified in clause (i) or the 
                                dollar amount the amount in effect for 
                                the most recent election cycle for 
                                which there was such an increase; plus
                                    ``(II) the percent increase 
                                determined under section 315(c), 
                                determined as if the base period were--
                                            ``(aa) if there was no 
                                        prior increase in such dollar 
                                        amount pursuant to clause (ii), 
                                        2021; or
                                            ``(bb) in any other case, 
                                        the calendar year immediately 
                                        preceding the first calendar 
                                        year in the election cycle for 
                                        which the most recent such 
                                        prior increase occurred.
                    ``(C) Presidential amount.--
                            ``(i) In general.--The Presidential amount 
                        is an amount equal to $100.
                            ``(ii) Increase.--The amount determined 
                        under clause (i) for any election cycle 
                        following the election cycle beginning on 
                        January 1, 2021, in which there is an election 
                        for the office of President shall be the sum of 
                        the dollar amount in effect under such clause 
                        for the preceding election cycle increased by 
                        the product of--
                                    ``(I) 75 percent (or the percentage 
                                specified pursuant to section 505(c) 
                                for such election cycle) of the 
                                percentage (if any) by which--
                                            ``(aa) the average of the 
                                        total amount of contributions 
                                        received during the preceding 
                                        election cycle in which there 
                                        was an election for the office 
                                        of President by each candidate 
                                        for such office who is not a 
                                        participating candidate; 
                                        exceeds
                                            ``(bb) the average of the 
                                        total amount of contributions 
                                        received during such preceding 
                                        election cycle by each 
                                        participating candidate for the 
                                        office of President; and
                                    ``(II) the dollar amount in effect 
                                under clause (i) for the preceding 
                                election cycle.
                            ``(iii) Inflation adjustment.--In the case 
                        of any election cycle beginning after 2022 for 
                        which there is no increase under clause (ii), 
                        the Presidential amount in effect for such 
                        election cycle shall be the sum of--
                                    ``(I) the greater of the dollar 
                                amount specified in clause (i) or the 
                                dollar amount the amount in effect for 
                                the most recent election cycle for 
                                which there was such an increase; plus
                                    ``(II) the percent increase 
                                determined under section 315(c), 
                                determined as if the base period were--
                                            ``(aa) if there was no 
                                        prior increase in such dollar 
                                        amount pursuant to clause (ii), 
                                        2021; or
                                            ``(bb) in any other case, 
                                        the calendar year immediately 
                                        preceding the first calendar 
                                        year in the election cycle for 
                                        which the most recent such 
                                        prior increase occurred.
    ``(c) Determination of Eligible Individuals.--
            ``(1) In general.--
                    ``(A) Acquisition of information.--The Commission 
                shall obtain such information from Federal agencies and 
                from State and local governments as is necessary to 
                identify eligible individuals, determine the State in 
                which the eligible individual is a qualified resident, 
                and deliver democracy dollars to such eligible 
                individuals.
                    ``(B) Confidentiality.--The Commission shall treat 
                any information obtained under subparagraph (A) as 
                confidential and shall take such action as necessary to 
                protect the privacy of such information.
            ``(2) Limitation.--No individual shall be treated as a 
        qualified resident of more than 1 State.

``SEC. 503. REQUIREMENTS FOR PARTICIPATING CANDIDATES.

    ``(a) In General.--The Commission shall certify a candidate as a 
participating candidate if such candidate--
            ``(1) receives qualified contributions and transfers of 
        democracy dollars with an aggregate value of not less than the 
        threshold amount;
            ``(2) establishes a democracy dollar account;
            ``(3) certifies that the candidate has complied, and, if 
        such candidate is certified as a participating candidate under 
        this section, will comply, with the contribution requirements 
        under subsection (c) with respect to all elections in the 
        applicable election series for the Federal office that the 
        candidate is seeking; and
            ``(4) certifies that the candidate has complied, and, if 
        such candidate is certified as a participating candidate under 
        this section, will comply, with the personal fund requirements 
        under subsection (d) with respect to all elections in the 
        applicable election series for the Federal office that the 
        candidate is seeking.
    ``(b) Establishment of Threshold Amount.--
            ``(1) Threshold amount.--
                    ``(A) In general.--For purposes of subsection (a), 
                the threshold amount with respect to any election cycle 
                is--
                            ``(i) in the case of a candidate for the 
                        office of Representative in, or Delegate or 
                        Resident Commissioner to, the Congress, 
                        $50,000;
                            ``(ii) in the case of a candidate for the 
                        office of Senator, $500,000; and
                            ``(iii) in the case of a candidate of the 
                        office of President or Vice President, 
                        $1,000,000.
                    ``(B) Inflation adjustment.--In any calendar year 
                after 2022, section 315(c)(1)(B) of the Federal 
                Election Campaign Act of 1971 (52 U.S.C. 
                30116(c)(1)(B)) shall apply to each amount described in 
                subparagraph (A) in the same manner as such section 
                applies to the limitations established under 
                subsections (a)(1)(A), (a)(1)(B), (a)(3), and (h) of 
                such section, except that for purposes of applying such 
                section to the amounts described in subparagraph (A), 
                the `base period' shall be calendar year 2021.
            ``(2) Return of vouchers.--
                    ``(A) In general.--In any case of any transfer of 
                democracy dollars to a candidate who is not certified 
                under this section before the date that is 30 days 
                before the date of the applicable election, such 
                transfer shall be voided and the eligible individual 
                who transferred such democracy dollars shall be 
                permitted to transfer such democracy dollars (or 
                replacement democracy dollars with equivalent value) to 
                another participating candidate.
                    ``(B) Applicable election.--For purposes of 
                subparagraph (A), the term `applicable election' means, 
                with respect to any candidate, the earliest of--
                            ``(i) the primary election for nomination 
                        to the office for which the candidate is 
                        running;
                            ``(ii) a convention or caucus of a 
                        political party that has authority to nominate 
                        a candidate for such office; or
                            ``(iii) the election for Federal office.
                In the case of a candidate for the office of President, 
                such term means the first primary election or caucus 
                held for the selection of delegates to a national 
                nominating convention of a political party.
    ``(c) Contribution Requirements.--
            ``(1) In general.--A candidate meets the contribution 
        requirement of this subsection if the candidate does not accept 
        any contribution other than qualified contributions.
            ``(2) Qualified contribution.--For purposes of this 
        subsection:
                    ``(A) In general.--The term `qualified 
                contribution' means any contribution from an individual 
                so long as the aggregate amount of contributions 
                received by such candidate from such individual during 
                the election cycle do not exceed the applicable amount.
                    ``(B) Applicable amount.--
                            ``(i) In general.--For purposes of 
                        subparagraph (A), the applicable amount is--
                                    ``(I) in the case of the election 
                                cycle beginning in 2021, $1,000;
                                    ``(II) in the case of the election 
                                cycle beginning in 2023, $800;
                                    ``(III) in the case of the election 
                                cycle beginning in 2025, $600;
                                    ``(IV) in the case of the election 
                                cycle beginning in 2027, $400; and
                                    ``(V) in the case of any election 
                                cycle beginning in 2029 or later, $200.
                            ``(ii) Indexing.--In any calendar year 
                        after 2030, section 315(c)(1)(B) of the Federal 
                        Election Campaign Act of 1971 (52 U.S.C. 
                        30116(c)(1)(B)) shall apply to the $200 amount 
                        described in clause (i)(V) in the same manner 
                        as such section applies to the limitations 
                        established under subsections (a)(1)(A), 
                        (a)(1)(B), (a)(3), and (h) of such section, 
                        except that for purposes of applying such 
                        section to the $200 amount described in clause 
                        (i)(V), the `base period' shall be calendar 
                        year 2029.
                    ``(C) Special rule for runoff elections.--
                            ``(i) In general.--In the case of a runoff 
                        election, the amount in effect under 
                        subparagraph (B) shall be increased by $200.
                            ``(ii) Indexing.--In any calendar year 
                        after 2022, section 315(c)(1)(B) of the Federal 
                        Election Campaign Act of 1971 (52 U.S.C. 
                        30116(c)(1)(B)) shall apply to the $200 amount 
                        described in clause (i) in the same manner as 
                        such section applies to the limitations 
                        established under subsections (a)(1)(A), 
                        (a)(1)(B), (a)(3), and (h) of such section, 
                        except that for purposes of applying such 
                        section to the $200 amount described in clause 
                        (i), the `base period' shall be calendar year 
                        2021.
    ``(d) Personal Funds Requirement.--A candidate meets the personal 
funds requirement of this subsection if the candidate does not spend 
personal funds (including personal funds of the candidate or any 
immediate family member of the candidate) in an amount in excess of 
$2,500 for any election in the applicable election series.
    ``(e) Revocation; Prohibition on Participation.--Notwithstanding 
subsection (a), the Commission may--
            ``(1) revoke a certification awarded under this section for 
        any candidate who has violated the rules of this title; or
            ``(2) refuse to certify any candidate under this section if 
        such candidate has violated the rules of this title in any 
        preceding election for Federal office in which such candidate 
        was a participating candidate.

``SEC. 504. USE OF DEMOCRACY DOLLARS.

    ``(a) In General.--
            ``(1) Transfer of democracy dollars to participating 
        candidates.--An eligible individual may transfer democracy 
        dollars to participating candidates in increments that are 
        multiples of $10. In any case in which an individual transfers 
        an amount that is not a multiple of $10, such amount shall be 
        treated as a transfer in amount equal to the next lowest 
        multiple of $10.
            ``(2) Amounts treated as contributions.--The amount of any 
        democracy dollars transferred by an eligible individual to a 
        participating candidate shall be treated as a contribution by 
        such eligible individual to the principal campaign committee of 
        the participating candidate for purposes of this Act, including 
        section 304 (relating to reports by political committees) and 
        315 (relating to limitations on contributions).
            ``(3) Amounts transferred into democracy dollars account.--
                    ``(A) In general.--Except as provided in subsection 
                506(b), not later than 5 business days after receiving 
                notice of a transfer of democracy dollars to a 
                candidate, the Commission shall pay into the democracy 
                dollar account of a participating candidate an amount 
                equal to the value of the democracy dollars so 
                transferred to such candidate.
                    ``(B) Minimum amounts.--Notwithstanding 
                subparagraph (A), the Commission under regulations may 
                require a minimum value threshold of democracy dollars 
                transferred to a particular candidate before making a 
                payment under subparagraph (A).
    ``(b) Use of Amounts in Accounts.--
            ``(1) Permissible uses.--Amounts in a democracy dollars 
        account may be used--
                    ``(A) for otherwise authorized expenditures in 
                connection with the campaign for Federal office of the 
                candidate;
                    ``(B) subject to the limitations of section 315(a), 
                for contributions to another candidate for a Federal 
                office in the same State as the Federal office that the 
                candidate is seeking or for the office of President or 
                Vice President; and
                    ``(C) as provided in subsection (c) (relating to 
                return of funds).
            ``(2) Prohibited uses.--Amounts in a democracy dollars 
        account shall not--
                    ``(A) be converted by any person to personal use 
                (within the meaning of section 313(b));
                    ``(B) be used to reimburse any eligible individual 
                for the transfer of democracy dollars; or
                    ``(C) be used to make any payment to any member of 
                the family of the candidate (including for any 
                expenditure described in paragraph (1)(A)).
    ``(c) Return of Funds.--Not later than the date that is 10 business 
days after the earliest of the date on which the participating 
candidate--
            ``(1) withdraws from an election in the applicable election 
        series;
            ``(2) no longer qualifies to be on the ballot for any 
        election in the applicable election series; or
            ``(3) loses an election in the applicable election series;
the participating candidate shall remit to the Commission any amounts 
in the democracy dollars account of such candidate that remain 
unexpended as of such date.

``SEC. 505. ADMINISTRATION.

    ``(a) In General.--The Commission shall by regulations establish 
rules for the administration of this title.
    ``(b) Audits.--The Commission shall--
            ``(1) conduct random audits of participating candidates 
        under this title; and
            ``(2) establish rules for the conduct of such audits, 
        including rules relating to appropriate sample sizes for such 
        audits.
    ``(c) Review and Adjustment of Certain Amounts.--
            ``(1) Review.--
                    ``(A) In general.--After each general election for 
                Federal office, the Commission shall conduct a review 
                of the dollar amount for the Congressional amount, the 
                Senate amount, and the Presidential amount under 
                section 502(b).
                    ``(B) Criteria.--In conducting such review, the 
                Commission shall consider whether the amounts are 
                sufficient to allow participating candidates to run 
                robust campaigns and to compete with candidates that 
                are not participating candidates.
            ``(2) Adjustment.--Based on the review conducted under 
        paragraph (1), the Commission may increase the 75 percent 
        amount under subparagraphs (A)(ii), (B)(ii), and (C)(ii) of 
        section 502(b)(2), except that such amount may not be adjusted 
        to an amount in excess of 200 percent.
    ``(d) Public Outreach.--The Commission shall establish an 
information program to make eligible individuals aware of the 
availability of democracy dollars under this title. Such program shall 
include the targeting of communities and individuals who have not 
previously made contributions to candidates.

``SEC. 506. FUNDING.

    ``(a) Authorization of Appropriations.--
            ``(1) In general.--There are hereby appropriated such sums 
        as necessary to carry out the purposes of this title.
            ``(2) Availability.--Any amounts appropriated pursuant to 
        paragraph (1) shall remain available without fiscal year 
        limitation until expended.
    ``(b) Treatment of Transfers in Excess of Appropriations.--In any 
case in which the aggregate amount of democracy dollars transferred to 
participating candidates exceeds the amount appropriated under 
subsection (a), the Commission shall make payments under section 
504(a)(3) in full based on the order in time in which the Commission 
was notified of the transfer.''.
    (b) Reporting of Democracy Dollar Contributions.--
            (1) In general.--Section 304(b)(3) of the Federal Election 
        Campaign Act of 1971 (52 U.S.C. 30104(b)(3)(A)) is amended--
                    (A) by inserting ``(i)'' after ``(A)''; and
                    (B) by adding at the end the following:
                    ``(ii) individual who makes a contribution of 
                democracy dollars (as defined in section 501) during 
                the reporting period, except that in order to protect 
                the privacy of such individual, any identity 
                information other than the zip code, city, and 
                occupation of such individual shall be provided on a 
                separate list which shall not be made available to the 
                public;''.
            (2) Conforming amendment.--Section 311(4) of such Act (52 
        U.S.C. 30111(4)) is amended by striking the last sentence and 
        inserting ``The Commission shall exclude from the public record 
        any list provided under the preceding sentence or under section 
        304(b)(3)(A)(ii).''.
    (c) Repeal of Presidential Financing System.--
            (1) In general.--The Internal Revenue Code of 1986 is 
        amended by striking subtitle H.
            (2) Repeal of income tax designations.--Subchapter A of 
        chapter 61 of the Internal Revenue Code of 1986 is amended by 
        striking part VIII.
            (3) Transfer of remaining amounts.--Amounts remaining in 
        the Presidential Election Campaign Fund on the date described 
        in subsection (c) shall be transferred to the general fund of 
        the Treasury.
            (4) Clerical amendments.--
                    (A) The table of subtitles for the Internal Revenue 
                Code of 1986 is amended by striking the item relating 
                to subtitle H.
                    (B) The table of parts for subchapter A of chapter 
                61 of such Code is amended by striking the item 
                relating to part VIII.
    (d) Effective Date.--The amendments made by this section shall 
apply with respect to elections for Federal office occurring after 
December 31, 2020.
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