Page:United States Statutes at Large Volume 88 Part 1.djvu/1345

 88 STAT. ]

PUBLIC LAW 93-443-OCT. 15, 1974

1301

"(2) If the Commission determines that any amount of any payment made to a candidate from the matching payment account was used for any purpose other than— " (A) to defray the qualified campaign expenses with respect to which such payment was made, or " (B) to repay loans the proceeds of which were used, or otherwise to restore funds (other than contributions to defray qualified campaign expenses which were received and expended) which were used, to defray qualified campaign expenses, it shall notify such candidate of the amount so used, and the candidate shall pay to the Secretary or his delegate an amount equal to such amount. "(3) Amounts received by a candidate from the matching payment account may be retained for the liquidation of all obligations to pay qualified campaign expenses incurred for a period not exceeding 6 months after the end of the matching payment period. After all obligations have been liquidated, that poition of any unexpended balance remaining in the caiulidate's accounts which bears the same ratio to the total unexpended balance as the total amount received from the matching payment account bears to the total of all deposits made into the candidate's accounts shall be promptly repaid to the matching payment account. "(c) NOTIFICATION.—No notification shall be made by the Commission under subsection (b) with respect to a matching payment j^eriod more than 8 years after the end of such period. " (d) DEPOSIT OF REPAYMENTS.—All payments received by the Secretary or his delegate under subsection (b) shall be deposited by him in the matching payment account. "SEC. 9039. REPORTS TO CONGRESS; REGULATIONS.

26 USC 9039.

" (a) REPORTS.—The Commission shall, as soon as practicable after each matching payment period, submit a full report to the Senate and House of Representatives setting forth— "(1) the qualified campaign expenses (shown in such detail as the Commission determines necessary) incurred by the candidates of each political party and their authorized committees, "(2) the amounts certified by it under section 9036 for payment to each eligible candidate, and "(3) the amount of payments, if any, required from candidates under section 9038, and the reasons lor each payment required. Each report submitted pursuant to this section shall be printed as a Senate document. " (b) REGULATIONS, ETC.—The Commission is authorized to prescribe I'ules and regulations in accordance with the provisions of subsection (c), to conduct examinations and audits (in addition to the examina- Audits. tions and audits required by section 9038(a)), to conduct investigations, and to require the keeping and submission of any books, records, and information, which it determines to be necessary to carry out its responsibilities under this chapter. " (c) REVIEW or REGULATIONS.—

"(1) The Commission, before prescribing any rule or regulation under subsection (b), shall transmit a statement with respect to such rule or regulation to the Senate and to the House of Representatives, in accordance with the provisions of this subsection. Such statement shall set forth the proposed rule or regulation and shall contain a detailed explanation and justification of such rule or regulation.

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