Fair Elections Now Act - Amends the Federal Election Campaign Act of 1971 (FECA) with respect to: (1) eligibility and qualifying contribution requirements and benefits of fair elections financing of Senate election campaigns; (2) establishment of a Fair Elections Fund; (3) eligibility for Fund allocations; (4) contribution and expenditure requirements; (5) a public debate requirement; (6) certification of whether or not a federal election candidate is a participating candidate; (7) benefits for participating candidates; (8) matching payments for qualified small dollar contributions; (9) political advertising vouchers; (10) establishment of a Fair Elections Oversight Board; (11) civil penalties for violation of contribution and expenditure requirements; (12) prohibition of joint fundraising committees with any political committee other than a candidate's authorized committee; and (13) a specified limitation on coordinated expenditures by political party committees with participating candidates.
Amends the Communications Act of 1934 to: (1) prohibit the preemption of the use of a broadcasting station by a legally qualified Senate candidate who has purchased and paid for such use; (2) revise Federal Communications Commission (FCC) authority to revoke licenses for broadcasting stations who fail to provide access to Senate candidates; and (3) revise the formula for determining reduced broadcast rates for participating candidates in certain circumstances.
Directs the FCC to initiate a rulemaking proceeding to establish a standardized form to be used by broadcasting stations to record and report the purchase of advertising time by or on behalf of a candidate for nomination for election, or for election, to federal elective office.
Amends FECA to: (1) empower the Federal Election Commission (FEC) to petition the U.S. Supreme Court for a writ of certiorari to appeal a civil action; (2) require all designations, statements, and reports required to be filed under FECA to be filed directly with the FEC, and in computer-accessible electronic form; and (3) reduce from 48 to 24 hours after their receipt the deadline for the FEC to make designations, statements, reports, or notifications available to the public in the FEC office and on the Internet.