Whereas Members of the House of Representatives, Senators, and the President and Vice-President are elected by the People:
1. No person except a Citizen of the United States entitled to vote in a federal election shall make any financial contribution, direct or indirect, to any person seeking election as a Member of the House of Representatives, as a Senator, or as the President or Vice-President, or to his or her campaign for such election.
2. The contribution of in excess of Two Hundred Fifty Dollars in any year to any person seeking election as a Member of the House of Representatives or as a Senator, or to his or her campaign for such election, is hereby prohibited. The contribution of in excess of Five Hundred Dollars in any year to any person seeking election as the President or Vice-President, or to his or her campaign for such election, is hereby prohibited.
3. During the last 60 days before an election to elect one or more Members of the House of Representatives, Senators, or the President and Vice-President, only persons seeking election to any such office, or the political party having nominated any such candidate, shall be entitled to expend, directly or indirectly, any funds in connection with the promotion or support of any person seeking election to any such office.
4. Congress shall have the power to increase, but not decrease, the amount of contributions permitted under Clause 2 of this Amendment; provided that the power granted under this Clause 4 shall be exercisable only in the year immediately following the year of every second Presidential election and such increase shall not be disproportionate to the rise in the cost of living in these United States over the period of time since the enactment of this Amendment or the last increase in the amount of authorized contributions.