To amend the Federal Election Campaign Act of 1971 to reduce certain contribution limits under such Act.

Amends the Federal Election Campaign Act of 1971 to: (1) lower the limits on contributions to candidates (from $2,000 to $1,000), contributions to nonparty political committees (from $5,000 to $1,000), and contributions by multicandidate political committees to candidates (from $5,000 to $1,000); (2) provide for delay in implementation of indexing of the limit on the maximum amount of contribution to a candidate; and (3) apply indexing to certain other limits.