§ 432. — Organization of political committees.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 2USC432]
TITLE 2--THE CONGRESS
CHAPTER 14--FEDERAL ELECTION CAMPAIGNS
SUBCHAPTER I--DISCLOSURE OF FEDERAL CAMPAIGN FUNDS
Sec. 432. Organization of political committees
(a) Treasurer; vacancy; official authorizations
Every political committee shall have a treasurer. No contribution or
expenditure shall be accepted or made by or on behalf of a political
committee during any period in which the office of treasurer is vacant.
No expenditure shall be made for or on behalf of a political committee
without the authorization of the treasurer or his or her designated
agent.
(b) Account of contributions; segregated funds
(1) Every person who receives a contribution for an authorized
political committee shall, no later than 10 days after receiving such
contribution, forward to the treasurer such contribution, and if the
amount of the contribution is in excess of $50 the name and address of
the person making the contribution and the date of receipt.
(2) Every person who receives a contribution for a political
committee which is not an authorized committee shall--
(A) if the amount of the contribution is $50 or less, forward to
the treasurer such contribution no later than 30 days after
receiving the contribution; and
(B) if the amount of the contribution is in excess of $50,
forward to the treasurer such contribution, the name and address of
the person making the contribution, and the date of receipt of the
contribution, no later than 10 days after receiving the
contribution.
(3) All funds of a political committee shall be segregated from, and
may not be commingled with, the personal funds of any individual.
(c) Recordkeeping
The treasurer of a political committee shall keep an account of--
(1) all contributions received by or on behalf of such political
committee;
(2) the name and address of any person who makes any
contribution in excess of $50, together with the date and amount of
such contribution by any person;
(3) the identification of any person who makes a contribution or
contributions aggregating more than $200 during a calendar year,
together with the date and amount of any such contribution;
(4) the identification of any political committee which makes a
contribution, together with the date and amount of any such
contribution; and
(5) the name and address of every person to whom any
disbursement is made, the date, amount, and purpose of the
disbursement, and the name of the candidate and the office sought by
the candidate, if any, for whom the disbursement was made, including
a receipt, invoice, or canceled check for each disbursement in
excess of $200.
(d) Preservation of records and copies of reports
The treasurer shall preserve all records required to be kept by this
section and copies of all reports required to be filed by this
subchapter for 3 years after the report is filed. For any report filed
in electronic format under section 434(a)(11) of this title, the
treasurer shall retain a machine-readable copy of the report as the copy
preserved under the preceding sentence.
(e) Principal and additional campaign committees; designations, status
of candidate, authorized committees, etc.
(1) Each candidate for Federal office (other than the nominee for
the office of Vice President) shall designate in writing a political
committee in accordance with paragraph (3) to serve as the principal
campaign committee of such candidate. Such designation shall be made no
later than 15 days after becoming a candidate. A candidate may designate
additional political committees in accordance with paragraph (3) to
serve as authorized committees of such candidate. Such designation shall
be in writing and filed with the principal campaign committee of such
candidate in accordance with subsection (f)(1) of this section.
(2) Any candidate described in paragraph (1) who receives a
contribution, or any loan for use in connection with the campaign of
such candidate for election, or makes a disbursement in connection with
such campaign, shall be considered, for purposes of this Act, as having
received the contribution or loan, or as having made the disbursement,
as the case may be, as an agent of the authorized committee or
committees of such candidate.
(3)(A) No political committee which supports or has supported more
than one candidate may be designated as an authorized committee, except
that--
(i) the candidate for the office of President nominated by a
political party may designate the national committee of such
political party as a principal campaign committee, but only if that
national committee maintains separate books of account with respect
to its function as a principal campaign committee; and
(ii) candidates may designate a political committee established
solely for the purpose of joint fundraising by such candidates as an
authorized committee.
(B) As used in this section, the term ``support'' does not include a
contribution by any authorized committee in amounts of $1,000 or less to
an authorized committee of any other candidate.
(4) The name of each authorized committee shall include the name of
the candidate who authorized such committee under paragraph (1). In the
case of any political committee which is not an authorized committee,
such political committee shall not include the name of any candidate in
its name.
(5) The name of any separate segregated fund established pursuant to
section 441b(b) of this title shall include the name of its connected
organization.
(f) Filing with and receipt of designations, statements, and reports by
principal campaign committee
(1) Notwithstanding any other provision of this Act, each
designation, statement, or report of receipts or disbursements made by
an authorized committee of a candidate shall be filed with the
candidate's principal campaign committee.
(2) Each principal campaign committee shall receive all
designations, statements, and reports required to be filed with it under
paragraph (1) and shall compile and file such designations, statements,
and reports in accordance with this Act.
(g) Filing with and receipt of designations, statements, and reports by
Secretary of Senate; forwarding to Commission; filing
requirements with Commission; public inspection and preservation
of designations, etc.
(1) Designations, statements, and reports required to be filed under
this Act by a candidate for the office of Senator, by the principal
campaign committee of such candidate, and by the Republican and
Democratic Senatorial Campaign Committees shall be filed with the
Secretary of the Senate, who shall receive such designations,
statements, and reports, as custodian for the Commission.
(2) The Secretary of the Senate shall forward a copy of any
designation, statement, or report filed with the Secretary under this
subsection to the Commission as soon as possible (but no later than 2
working days) after receiving such designation, statement, or report.
(3) All designations, statements, and reports required to be filed
under this Act, except designations, statements, and reports filed in
accordance with paragraph (1), shall be filed with the Commission.
(4) The Secretary of the Senate shall make the designations,
statements, and reports received under this subsection available for
public inspection and copying in the same manner as the Commission under
section 438(a)(4) of this title, and shall preserve such designations,
statements, and reports in the same manner as the Commission under
section 438(a)(5) of this title.
(h) Campaign depositories; designations, maintenance of accounts, etc.;
petty cash fund for disbursements; record of disbursements
(1) Each political committee shall designate one or more State
banks, federally chartered depository institutions, or depository
institutions the deposits or accounts of which are insured by the
Federal Deposit Insurance Corporation, the Federal Savings and Loan
Insurance Corporation, or the National Credit Union Administration, as
its campaign depository or depositories. Each political committee shall
maintain at least one checking account and such other accounts as the
committee determines at a depository designated by such committee. All
receipts received by such committee shall be deposited in such accounts.
No disbursements may be made (other than petty cash disbursements under
paragraph (2)) by such committee except by check drawn on such accounts
in accordance with this section.
(2) A political committee may maintain a petty cash fund for
disbursements not in excess of $100 to any person in connection with a
single purchase or transaction. A record of all petty cash disbursements
shall be maintained in accordance with subsection (c)(5) of this
section.
(i) Reports and records, compliance with requirements based on best
efforts
When the treasurer of a political committee shows that best efforts
have been used to obtain, maintain, and submit the information required
by this Act for the political committee, any report or any records of
such committee shall be considered in compliance with this Act or
chapter 95 or chapter 96 of title 26.
(Pub. L. 92-225, title III, Sec. 302, Feb. 7, 1972, 86 Stat. 12; Pub. L.
93-443, title II, Secs. 202, 208(c)(2), Oct. 15, 1974, 88 Stat. 1275,
1286; Pub. L. 94-283, title I, Sec. 103, May 11, 1976, 90 Stat. 480;
Pub. L. 96-187, title I, Sec. 102, Jan. 8, 1980, 93 Stat. 1345; Pub. L.
99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 104-79,
Secs. 1(b), 3(a), Dec. 28, 1995, 109 Stat. 791, 792; Pub. L. 105-61,
title VI, Sec. 637, Oct. 10, 1997, 111 Stat. 1316.)
References in Text
This Act, referred to in text, means the Federal Election Campaign
Act of 1971, as amended, as defined by section 431 of this title.
Amendments
1997--Subsec. (g)(1). Pub. L. 105-55 struck out ``and'' after
``Senator,'' and inserted ``and by the Republican and Democratic
Senatorial Campaign Committees'' after ``candidate,''.
1995--Subsec. (d). Pub. L. 104-79, Sec. 1(b), inserted at end ``For
any report filed in electronic format under section 434(a)(11) of this
title, the treasurer shall retain a machine-readable copy of the report
as the copy preserved under the preceding sentence.''
Subsec. (g)(1). Pub. L. 104-79, Sec. 3(a)(1), (2), redesignated par.
(2) as (1) and struck out former par. (1) which read as follows:
``Designations, statements, and reports required to be filed under this
Act by a candidate or by an authorized committee of a candidate for the
office of Representative in, or Delegate or Resident Commissioner to,
the Congress, and by the principal campaign committee of such a
candidate, shall be filed with the Clerk of the House of
Representatives, who shall receive such designations, statements, and
reports as custodian for the Commission.''
Subsec. (g)(2). Pub. L. 104-79, Sec. 3(a)(2), (3), redesignated par.
(3) as (2), struck out ``Clerk of the House of Representatives and the''
before ``Secretary of the Senate'', and substituted ``filed with the
Secretary'' for ``filed with them''. Former par. (2) redesignated (1).
Subsec. (g)(3). Pub. L. 104-79, Sec. 3(a)(2), (4), redesignated par.
(4) as (3) and substituted ``paragraph (1)'' for ``paragraphs (1) and
(2)''. Former par. (3) redesignated (2).
Subsec. (g)(4). Pub. L. 104-79, Sec. 3(a)(2), (5), redesignated par.
(5) as (4) and struck out ``Clerk of the House of Representatives and
the'' before ``Secretary of the Senate''. Former par. (4) redesignated
(3).
Subsec. (g)(5). Pub. L. 104-79, Sec. 3(a)(2), redesignated par. (5)
as (4).
1986--Subsec. (i). Pub. L. 99-514 substituted ``Internal Revenue
Code of 1986'' for ``Internal Revenue Code of 1954'', which for purposes
of codification was translated as ``title 26'' thus requiring no change
in text.
1980--Subsec. (a). Pub. L. 96-187 struck out reference to the
chairman as a person authorized to accept or make a contribution on
behalf of a political committee.
Subsec. (b). Pub. L. 96-187 redesignated subsec. (b) as par. (1) of
subsec. (b), substituted ``for an authorized political committee shall,
no later than 10 days after receiving such contribution, forward to the
treasurer such contribution, and if the amount of the contribution is in
excess of $50 the name and address of the person making the contribution
and the date of the receipt.'' for ``in excess of $50 for a political
committee shall, on demand of the treasurer, and in any event within
five days after receipt of such contribution, render to the treasurer a
detailed account thereof, including the amount of the contribution and
the identification of the person making such contribution, and the date
on which received. All funds of a political committee shall be
segregated from, and may not be commingled with, any personal funds of
officers, members, or associates of such committee.'', and added pars.
(2) and (3).
Subsec. (c). Pub. L. 96-187 substituted ``The treasurer of a
political committee shall keep an account of'' for ``It shall be the
duty of the treasurer of a political committee to keep a detailed and
exact account of'' in introductory clause; substituted in par. (1) ``all
contributions received by or on behalf of such political committee'' for
``all contributions made to or for such committee''; substituted in par.
(2) ``the name and address of any person who makes any contribution in
excess of $50, together with the date and amount of such contribution by
any person'' for ``the identification of every person making a
contribution in excess of $50, and the date and amount thereof and, if a
person's contributions aggregating more than $100, the account shall
include occupation, and the principal place of business (if any)'';
substituted in par. (3) ``the identification of any person who makes a
contribution or contributions aggregating more than $200 during a
calendar year, together with the date and amount of any such
contribution'' for ``all expenditures made by or on behalf of such
committee; and''; substituted in par. (4) ``the identification of any
political committee which makes a contribution, together with the date
and amount of any such contribution, and'' for ``the identification of
every person to whom any expenditure is made, the date and amount
thereof and the name and address of, and office sought by, each
candidate on whose behalf such expenditure was made'', and added par.
(5).
Subsec. (d). Pub. L. 96-187 substituted provisions requiring the
treasurer to preserve all records required by this section and copies of
all reports to be filed by this subchapter for 3 years after the filing
of the report for provisions requiring the treasurer to keep receipted
bills for expenditures in excess of $100, and for expenditures of lesser
amounts if the aggregate amount to the same person during a calendar
year exceeds $100, such receipts to be kept for a period to be
determined by the Secretary.
Subsec. (e). Pub. L. 96-187 in par. (1) substituted provisions
requiring a written designation of a political committee no later than
15 days after becoming a candidate, with the designation of additional
committees to be filed with the principal committee, for provisions
prohibiting the designation of a committee as the principal campaign
committee of more than one candidate except that the presidential
candidate may nominate the national committee of a political party as
his principal campaign committee; in par. (2) substituted provisions
considering any candidate receiving a contribution or loan or making a
disbursement as an agent of the authorized committees for provisions
requiring the filing of any report or statement of contributions
required to be filed with the Commission to be filed instead with the
principal campaign committee; in par. (3) redesignated existing
provisions as introductory clause of par. (3)(A), and in such clause as
so redesignated, substituted provision that no political committee which
supports or has supported more than one candidate may be designated as
an authorized committee for provisions requiring principal committee to
receive reports and statements and to compile and file such reports and
statements together with its own reports and statements with the
Commission, and added pars. (3)(A)(i), (ii), (4) and (5).
Subsecs. (f) to (i). Pub. L. 96-187 added subsecs. (f) to (i).
1976--Subsec. (b). Pub. L. 94-283, Sec. 103(a), substituted ``$50''
for ``$10''.
Subsec. (c)(2). Pub. L. 94-283, Sec. 103(b), substituted ``$50'' for
``$10''.
Subsecs. (e), (f). Pub. L. 94-283, Sec. 103(c), (d), redesignated
subsec. (f) as (e) and in par. (1) of subsec. (e) as so redesignated
inserted provision that occasional, isolated, or incidental support of a
candidate not be construed as support for such a candidate for purposes
of determining whether a political committee supports more than one
candidate. Former subsec. (e) providing for the giving of notice by a
candidate that a political committee soliciting funds on his behalf is
not authorized to do so and that he is not responsible for the
activities of that committee was eliminated.
1974--Subsec. (b). Pub. L. 93-443, Sec. 202(a)(1), substituted ``of
the contribution and the identification'' for ``, the name and address
(occupation and principal place of business, if any)''.
Subsec. (c)(2). Pub. L. 93-443, Sec. 202(a)(2), (3), substituted
``identification'' for ``full name and mailing address (occupation and
the principal place of business, if any)'' before ``of every person''
and inserted end text reading ``and, if a person's contributions
aggregate more than $100, the account shall include occupation, and the
principal place of business (if any)''.
Subsec. (c)(4). Pub. L. 93-443, Sec. 202(a)(2), substituted
``identification'' for ``full name and mailing address (occupation and
the principal place of business, if any)'' before ``of every person''.
Subsec. (d). Pub. L. 93-443, Sec. 208(c)(2), substituted
``Commission'' for ``supervisory officers''.
Subsec. (f). Pub. L. 93-443, Sec. 202(b), substituted provisions
respecting principal campaign committees for prior provisions respecting
notice of funds solicitation by political committees and availability
for purchase of annual reports of the political committees from the
Superintendent of Documents made available through the Public Printer,
now covered in section 435(b) of this title.
Effective Date of 1995 Amendment
Section 1(c) of Pub. L. 104-79 provided that: ``The amendments made
by subsection (a) and subsection (b) [amending this section and section
434 of this title] shall apply with respect to reports for periods
beginning after December 31, 1996.''
Section 3(d) of Pub. L. 104-79 provided that: ``The amendments made
by this section [amending this section and sections 434 and 438 of this
title] shall apply with respect to reports, designations, and statements
required to be filed after December 31, 1995.''
Effective Date of 1980 Amendment
Amendment by Pub. L. 96-187 effective Jan. 8, 1980, see section
301(a) of Pub. L. 96-187, set out as a note under section 431 of this
title.
Effective Date of 1974 Amendment
Amendment by Pub. L. 93-443 effective Jan. 1, 1975, see section
410(a) of Pub. L. 93-443, set out as a note under section 431 of this
title.
Transfer of Functions
Federal Savings and Loan Insurance Corporation abolished and
functions transferred, see Pub. L. 101-73, title IV, Secs. 401-406, Aug.
9, 1989, 103 Stat. 354-363, set out as a note under section 1437 of
Title 12, Banks and Banking.
Section Referred to in Other Sections
This section is referred to in sections 431, 433 of this title;
title 18 sections 603, 607; title 26 section 527.
