The Fair Elections Now Act establishes a voluntary public financing system for House candidates beginning January 1, 2027, designed to reduce the influence of large private donations and increase political competition. Participating candidates can receive base allocations covering 40-60% of average winning candidate spending plus matching payments up to 500% of small-dollar contributions they raise, but must first collect at least $50,000 in contributions of $5-$100 from at least 0.25% of their state's voting-age population. Once qualified, these candidates are restricted from accepting large donations and personal funds, and must participate in at least one primary and two general election debates. The bill creates a Fair Elections Fund supported by Treasury appropriations, voluntary contributions, and civil penalties, along with an independent oversight board within the Federal Election Commission to administer the program and adjust limits based on spending trends and participation rates.
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