In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ''Open and
Accountable Campaign Financing Act of 2001''.
(b) Table of Contents.--The table of contents of this Act is as
follows:

Sec. 1. Short title; table of contents.
TITLE I--DISCLOSURE

Sec. 101. Additional monthly and quarterly disclosure reports.
Sec. 102. Reporting by national political party committees.
Sec. 103. Increased electronic disclosure.
Sec. 104. Public access to broadcasting records.
TITLE II--SOFT MONEY OF NATIONAL POLITICAL PARTIES AND CONTRIBUTION
LIMITS

Sec. 201. Limit on soft money of national political party committees.
Sec. 202. Judicial review.
Sec. 203. Increase in contribution limits.
TITLE III--MISCELLANEOUS PROVISIONS

Sec. 301. Prohibition of solicitation of political party soft money in
Federal buildings.
Sec. 302. Update of penalty amounts.
Sec. 303. Activities of membership organizations and their affiliates.
Sec. 304. Filing of Senate reports with the Federal Election
Commission.

TITLE I--DISCLOSURE

SEC. 101. ADDITIONAL MONTHLY AND QUARTERLY DISCLOSURE REPORTS.

(a) Principal Campaign Committees.--
(1) Monthly reports.--Section 304(a)(2)(A) of the Federal
Election Campaign Act of 1971 (2 U.S.C. 434(a)(2)(A)) is
amended by striking clause (iii) and inserting the following:
''(iii) additional monthly reports, which shall be
filed not later than the 20th day after the last day of
the month and shall be complete as of the last day of
the month, except that monthly reports shall not be
required under this clause in November and December and
a year end report shall be filed not later than January
31 of the following calendar year.''.
(2) Quarterly reports.--Section 304(a)(2)(B) of such Act is
amended by striking ''the following reports'' and all that
follows through the period and inserting ''the treasurer shall
file quarterly reports, which shall be filed not later than the
15th day after the last day of each calendar quarter, and which
shall be complete as of the last day of each calendar quarter,
except that the report for the quarter ending December 31 shall
be filed not later than January 31 of the following calendar
year.''.
(b) National Committee of a Political Party.--Section 304(a)(4) of
the Federal Election Campaign Act of 1971 (2 U.S.C. 434(a)(4)) is
amended by adding at the end the following flush sentence:
''Notwithstanding the preceding sentence, a national committee of a
political party shall file the reports required under subparagraph
(B).''.
(c) Conforming Amendments.--
(1) Section 304.--Section 304(a) of the Federal Election
Campaign Act of 1971 (2 U.S.C. 434(a)) is amended--
(A) in paragraph (3)(A)(ii), by striking
''quarterly reports'' and inserting ''monthly
reports''; and
(B) in paragraph (8), by striking ''quarterly
report under paragraph (2)(A)(iii) or paragraph
(4)(A)(i)'' and inserting ''monthly report under
paragraph (2)(A)(iii) or paragraph (4)(A)''.
(2) Section 309.--Section 309(b) of the Federal Election
Campaign Act of 1971 (2 U.S.C. 437g(b)) is amended by striking
''calendar quarter'' and inserting ''month''.

SEC. 102. REPORTING BY NATIONAL POLITICAL PARTY COMMITTEES.

Section 304 of the Federal Election Campaign Act of 1971 (2 U.S.C.
434) is amended by adding at the end the following:
''(e) Political Committees.--
''(1) National and congressional political committees.--The
national committee of a political party, any national
congressional campaign committee of a political party, and any
subordinate committee of either, shall report all receipts and
disbursements during the reporting period.
''(2) Itemization.--If a political committee has receipts
or disbursements to which this subsection applies from any
person aggregating in excess of $200 for any calendar year, the
political committee shall separately itemize its reporting for
such person in the same manner as required in paragraphs
(3)(A), (5), and (6) of subsection (b).
''(3) Reporting periods.--Reports required to be filed
under this subsection shall be filed for the same time periods
required for political committees under subsection
(a)(4)(B).''.

SEC. 103. INCREASED ELECTRONIC DISCLOSURE.

Section 304 of the Federal Election Campaign Act of 1971 (2 U.S.C.
434), as amended by section 102, is amended by adding at the end the
following:
''(f) Internet Availability.--The Commission shall make the
information contained in the reports submitted under this section
available on the Internet and publicly available at the offices of the
Commission as soon as practicable (but in no case later than 24 hours)
after the information is received by the Commission.''.

SEC. 104. PUBLIC ACCESS TO BROADCASTING RECORDS.

Section 315 of the Communications Act of 1934 (47 U.S.C. 315) is
amended by redesignating subsections (c) and (d) as subsections (d) and
(e), respectively, and inserting after subsection (b) the following:
''(c) Political Record.--
''(1) In general.--A licensee shall maintain, and make
available for public inspection, a complete record of a request
to purchase broadcast time that--
''(A) is made by or on behalf of a legally
qualified candidate for public office; or
''(B) communicates a message relating to any
political matter of national importance, including--
''(i) a legally qualified candidate;
''(ii) any election to Federal office; or
''(iii) a national legislative issue of
public importance.
''(2) Contents of record.--A record maintained under
paragraph (1) shall contain information regarding--
''(A) whether the request to purchase broadcast
time is accepted or rejected by the licensee;
''(B) the rate charged for the broadcast time;
''(C) the date and time on which the communication
is aired;
''(D) the class of time that is purchased;
''(E) the name of the candidate to which the
communication refers and the office to which the
candidate is seeking election, the election to which
the communication refers, or the issue to which the
communication refers (as applicable);
''(F) in the case of a request made by, or on
behalf of, a candidate, the name of the candidate, the
authorized committee of the candidate, and the
treasurer of such committee; and
''(G) in the case of any other request, the name of
the person purchasing the time, the name, address, and
phone number of a contact person for such person, and a
list of the chief executive officers or members of the
executive committee or of the board of directors of
such person.
''(3) Time to maintain file.--The information required
under this subsection shall be placed in a political file as
soon as possible and shall be retained by the licensee for a
period of not less than 2 years.''.

TITLE II--SOFT MONEY OF NATIONAL POLITICAL PARTIES AND CONTRIBUTION
LIMITS

SEC. 201. LIMIT ON SOFT MONEY OF NATIONAL POLITICAL PARTY COMMITTEES.

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

''SEC. 323. LIMIT ON SOFT MONEY OF NATIONAL POLITICAL PARTY COMMITTEES.

''(a) Limitation.--A national committee of a political party, a
congressional campaign committee of a national party, or an entity
directly or indirectly established, financed, maintained, or controlled
by such committee shall not accept a donation, gift, or transfer of
funds of any kind (not including transfers from other committees of the
political party or contributions), during a calendar year, from a
person (including a person directly or indirectly established,
financed, maintained, or controlled by such person) in an aggregate
amount in excess of $90,000.
''(b) Aggregate Limit on Donor.--No person may make an aggregate
amount of disbursements to committees or entities described in
subsection (a) (other than transfers from other committees of political
parties or contributions) in excess of $90,000 in any calendar year.
''(c) Index of Amount.--In the case of any calendar year after
2001--
''(1) the amounts described in subsections (a) and (b)
shall be increased based on the increase in the price index
determined under section 315(c), except that the base period
shall be calendar year 2001; and
''(2) each amount so increased shall be the amount in
effect for the calendar year.''.

SEC. 202. JUDICIAL REVIEW.

(a) Expedited Review.--Any Member of Congress, candidate, national
committee of a political party, or any person adversely affected by
section 323 of the Federal Election Campaign Act of 1971, as added by
section 201, may bring an action, in the United States District Court
for the District of Columbia, for declaratory judgment and injunctive
relief on the ground that such section 323 violates the Constitution.
(b) Appeal to Supreme Court.--Notwithstanding any other provision
of law, any order of the United States District Court for the District
of Columbia granting or denying an injunction regarding, or finally
disposing of, an action brought under subsection (a) shall be
reviewable by appeal directly to the Supreme Court of the United
States. Any such appeal shall be taken by a notice of appeal filed
within 10 calendar days after such order is entered; and the
jurisdictional statement shall be filed within 30 calendar days after
such order is entered.
(c) Expedited Consideration.--It shall be the duty of the District
Court for the District of Columbia and the Supreme Court of the United
States to advance on the docket and to expedite to the greatest
possible extent the disposition of any matter brought under subsection
(a).
(d) Enforceability.--The enforcement of any provision of section
323 of the Federal Election Campaign Act of 1971, as added by section
201, shall be stayed, and such section 323 shall not be effective, for
the period--
(1) beginning on the date of the filing of an action under
subsection (a); and
(2) ending on the date of the final disposition of such
action on its merits by the Supreme Court of the United States.
(e) Applicability.--This section shall apply only with respect to
any action filed under subsection (a) not later than 30 days after the
effective date of this Act.

SEC. 203. INCREASE IN CONTRIBUTION LIMITS.

(a) Increase in Individual and Political Committee Contribution
Limits.--Section 315(a) of the Federal Election Campaign Act of 1971 (2
U.S.C. 441a(a)) is amended--
(1) in paragraph (1)--
(A) in subparagraph (A), by striking ''$1,000'' and
inserting ''$3,000'';
(B) in subparagraph (B), by striking ''$20,000''
and inserting ''$60,000''; and
(C) in subparagraph (C), by striking ''$5,000'' and
inserting ''$15,000''; and
(2) in paragraph (3)--
(A) by striking ''$25,000'' and inserting
''$75,000''; and
(B) by striking the second sentence.
(b) Increase in Multicandidate Limits.--Section 315(a)(2) of the
Federal Election Campaign Act of 1971 (2 U.S.C. 441a(a)(2)) is
amended--
(1) in subparagraph (A)--
(A) by striking ''$5,000'' and inserting
''$7,500''; and
(B) by inserting ''except as provided in
subparagraph (D),'' before ''to any candidate'';
(2) in subparagraph (B)--
(A) by striking ''$15,000'' and inserting
''$30,000''; and
(B) by striking ''or'' at the end;
(3) in subparagraph (C), by striking ''$5,000.'' and
inserting ''$7,500; or''; and
(4) by adding at the end the following:
''(D) in the case of a national committee of a political
party, to any candidate and his authorized political committees
with respect to any election for Federal office which, in the
aggregate, exceed $15,000.''.
(c) Indexing.--Section 315(c) of the Federal Election Campaign Act
of 1971 (2 U.S.C. 441a(c)) is amended--
(1) in paragraph (1)--
(A) by striking the second and third sentences;
(B) by inserting ''(A)'' before ''At the
beginning''; and
(C) by adding at the end the following:
''(B) Except as provided in subparagraph (C), in any calendar year
after 2002--
''(i) a limitation established by subsection (a), (b), (d),
or (h) shall be increased by the percent difference determined
under subparagraph (A); and
''(ii) each amount so increased shall remain in effect for
the calendar year.
''(C) In the case of limitations under subsection (a), each amount
increased under subparagraph (B) 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
(2) in paragraph (2)(B), by striking ''means the calendar
year 1974'' and inserting ''means--
''(i) for purposes of subsections (b) and (d),
calendar year 1974; and
''(ii) for purposes of subsections (a) and (h),
calendar year 2001''.
(d) Increase in Senate Candidate Contribution Limits for National
Party Committees and Senatorial Campaign Committees.--Section 315(h) of
the Federal Election Campaign Act of 1971 (2 U.S.C. 441a(h)) is amended
by striking ''$17,500'' and inserting ''$90,000''.
(e) Effective Dates.--
(1) Except as provided in paragraph (2), the amendments
made by this section shall apply to calendar years beginning
after December 31, 2001.
(2) The amendments made by subsection (c) shall apply to
calendar years after December 31, 2002.

TITLE III--MISCELLANEOUS PROVISIONS

SEC. 301. PROHIBITION OF SOLICITATION OF POLITICAL PARTY SOFT MONEY IN
FEDERAL BUILDINGS.

(a) In General.--Section 607 of title 18, United States Code, is
amended--
(1) in subsection (a), by striking ''within the meaning of
section 301(8) of the Federal Election Campaign Act of 1971'';
and
(2) by adding at the end the following:
''(c) Definition of Contribution.--In this section, the term
'contribution' means a gift, subscription, loan, advance, or deposit of
money or anything of value made by any person in connection with--
''(1) any election or elections for Federal office;
''(2) any political committee (as defined in section 301 of
the Federal Election Campaign Act of 1971); or
''(3) any State, district, or local committee of a
political party.''.
(b) Amendment of Title 18 To Include Prohibition of Donations.--
Section 602(a)(4) of title 18, United States Code, is amended by
striking ''within the meaning of section 301(8) of the Federal Election
Campaign Act of 1971'' and inserting ''(as defined in section
607(c))''.

SEC. 302. UPDATE OF PENALTY AMOUNTS.

Section 309 of the Federal Election Campaign Act of 1971 (2 U.S.C.
437g) is amended by adding at the end the following:
''(e) Adjustment of Dollar Amounts for Inflation.--In the case of
any calendar year after 2001--
''(1) each amount specified under subsection (a) or the
second sentence of subsection (d)(1)(A) shall be increased
based on the increase in the price index determined under
section 315(c), except that the base period shall be calendar
year 2001; and
''(2) each amount so increased shall be the amount in
effect for the calendar year.''.

SEC. 303. ACTIVITIES OF MEMBERSHIP ORGANIZATIONS AND THEIR AFFILIATES.

(a) Permitting Corporate Members of Trade Association to Approve
Solicitations by More Than One Trade Association.--Section 316(b)(4)(D)
of the Federal Election Campaign Act of 1971 (2 U.S.C. 441b(b)(4)(D))
is amended by striking '', and such member corporation'' and all that
follows and inserting a period.
(b) Treatment of Certain Employees and Others as Executive and
Administrative Personnel.--Section 316(b)(7) of such Act (2 U.S.C.
441b(b)(7)) is amended by striking ''responsibilities.'' and inserting
the following: ''responsibilities (without regard to whether the
individual is a member or affiliate of a labor organization), and
includes salaried foremen or others having direct supervision over
employees paid on an hourly basis, and any individuals with
professional responsibilities who are paid by the corporation as
consultants or independent contractors (without regard to whether such
individuals are classified as employees of the corporation for any
other purpose).''.

SEC. 304. FILING OF SENATE REPORTS WITH THE FEDERAL ELECTION
COMMISSION.

(a) Section 302 Amendment.--Section 302 of the Federal Election
Campaign Act of 1971 (2 U.S.C. 432) is amended by striking subsection
(g) and inserting the following:
''(g) Place of Filing.--All designations, statements, and reports
required to be filed under this Act shall be filed with the
Commission.''.
(b) Conforming Amendments.--Title III of the Federal Election
Campaign Act of 1971 (2 U.S.C. 431 et seq.) is amended--
(1) in section 304--
(A) in subsection (a)(6)(A), by striking
''Secretary or the Commission'' through ''as
appropriate'' and inserting ''Commission and Secretary
of State'',
(B) in the third sentence of subsection (c)(2), by
striking ''the Secretary or'', and
(C) in the fourth sentence of subsection (c)(2), by
striking ''the Secretary, the Commission,'' and
inserting ''the Commission''; and
(2) in section 311(a)(4), by striking ''Secretary or the''.
Open and Accountable Campaign Financing Act of 2001 - Amends the Federal Election Campaign Act of 1971 (FECA) to revise reporting requirements, including: (1) changing from quarterly to monthly the additional reports required to be filed with regard to the principal campaign committee of a candidate for the House of Representatives or the Senate in any calendar year during which there is a regularly scheduled election for which such candidate is seeking nomination or election; (2) requiring a national committee of a political party to file the same monthly reports designated for all political committees other than authorized committees of a candidate; (3) requiring the national committee of a political party, any national congressional campaign committee of a political party, and any subordinate committee of either, to report all receipts and disbursements during the appropriate reporting period; and (4) directing the Federal Election Commission (FEC) to make report information available on the Internet and at FEC offices.Amends the Communications Act of 1934 to require a licensee to maintain and make available for public inspection a complete record of certain requests to purchase broadcast time that are related to legally qualified candidates.Amends FECA to: (1) limit to $90,000 aggregate (indexed for inflation) per calendar year per contributor the amount of soft money a national committee of a political party, a congressional campaign committee of a national party, or an entity directly or indirectly established, financed, maintained, or controlled by such committee may accept; (2) prohibit any person from making an aggregate amount of disbursements to such committees or entities (other than transfers from other committees of political parties or contributions) in excess of $90,000 (indexed for inflation) in any calendar year; (3) increase individual, political committee, and multicandidate political committee contribution limits; (4) revise indexing provisions; and (5) increase Senate candidate contribution limits for national party committees and senatorial campaign committees.Amends the Federal criminal code to prohibit solicitation of soft money in any room or building occupied in the discharge of official duties by an officer or employee of the United States or any department or agency thereof, or by a person receiving any salary or compensation for service from the Treasury.Amends FECA to: (1) provide for indexing of penalty amounts; (2) permit corporate members of trade associations to approve the soliciting of contributions by more than one such trade association in any calendar year; and (3) require the filing of all Senate FECA reports to be with the FEC.