Empower Act of 2024

The Empower Act of 2024 reforms public financing for presidential campaigns by increasing matching payments to 600% of individual contributions under $1,000 (called "matchable contributions") and repealing previous expenditure limits for presidential candidates. It creates the "Freedom From Influence Fund" to finance these payments, which will be funded by 4.75% assessments on criminal and civil fines and penalties. The bill affects presidential candidates who qualify for public financing under new eligibility requirements, including certification that they will not accept contributions exceeding $1,000 per individual. The changes apply to the 2028 presidential election and subsequent elections, with regulations required by June 2026.