This bill aims to enhance transparency in election financing by amending the Federal Election Campaign Act of 1971. It mandates that political committees, excluding those of political parties, must file separate reports with the Federal Election Commission for specific contributions received close to an election. Specifically, committees are required to report any contribution of $1,000 or more received between 20 days and 48 hours before an election. This reporting obligation applies if the committee makes a contribution, expenditure, or electioneering communication in that particular election. The Federal Election Commission is directed to promulgate necessary regulations within 90 days, and the new reporting requirement will apply to elections occurring 48 hours after the bill's enactment, even if regulations are not yet finalized.