Grassroots Campaign and Common Sense Federal Election Reform Act of 1998

Grassroots Campaign and Common Sense Federal Election Reform Act of 1998 - Amends the Federal Election Campaign Act of 1971 to limit out-of-State contributions that may be accepted by a candidate to the Senate or the House of Representatives or by such candidate's authorized committees from individuals, separate segregated funds, and multicandidate political committees to 40 percent of total contributions accepted. (Sec. 3) Removes a provision that excludes separate segregated funds to be utilized for political purposes by a corporation, labor organization, and other specified entities from the definition of "contribution or expenditure." Prohibits national banks, labor organizations, or corporations from making disbursements for political committees or soliciting contributions to such committees. Decreases the limitation on contributions by multicandidate political committees to candidates for Federal office and their authorized committees. Bars contributions by multicandidate political committees to any political committee. (Current law allows annual aggregate contributions of up to $5,000.) (Sec. 4) Requires House and Senate candidates to file declarations with the Federal Election Commission (FEC) stating whether or not they intend to expend personal funds for election in an amount exceeding $250,000 (for Senate candidates) or $100,000 (for House candidates). Defines "personal funds" as funds of the candidate, funds from obligations incurred by the candidate in connection with the campaign, and funds of the candidate's family. Provides for increased contribution limits for opponents of such candidates who are not required to file declarations. Bars a candidate who incurs personal loans in connection with a campaign from repaying such loans from any contributions to the candidate or authorized committee after the date of election. Prohibits candidates from making expenditures from personal funds in connection with a general, special, or runoff election after the later of 90 days before the election or the day after the primary. Prescribes civil penalties for specified violations of this section. (Sec. 5) Increases individual contribution limits with respect to contributions to candidates and authorized committees and to political committees of national political parties. Provides for indexing of such limits. (Sec. 6) Limits annual donations to political party committees to $100,000. (Sec. 7) Sets forth disclosure requirements for individuals who spend more than a prescribed limit for specified radio or television broadcasts that refer to candidates for Federal office. (Sec. 8) Makes it unlawful for labor organizations to collect fees for political activities without voluntary authorization of each individual assessed a fee. (Sec. 9) Amends the Federal criminal code to prohibit the receipt or solicitation of donations to national or campaign committees of a national political party on Federal property. Applies prohibitions on the solicitation or making of political contributions by congressional candidates, Members of Congress, Federal employees, and others receiving Federal salaries or compensation to donations as well. (Sec. 10) Prohibits specified contributions to defray legal expenses of certain candidates and Federal officials if: (1) the aggregate amount of an individual's contributions exceeds $10,000 annually; or (2) the contributor is a foreign national or a person prohibited from contributing under provisions governing national banks, labor organizations, and corporations. Prescribes penalties for knowing violations of such prohibition. Establishes reporting requirements for individuals that accept such contributions. (Sec. 11) Prescribes criminal penalties for violations involving prohibited contributions by foreign nationals or by one person in the name of another. (Sec. 13) Bars FEC members from serving more than one term of eight years. (Currently, members may serve for six-year terms.)