Amends the Federal Election Campaign Act of 1971 to establish the method of financing general election campaigns for the House of Representatives. Establishes eligibility criteria entitling candidates to receive campaign payments on a matching basis. Establishes formulae to determine such sums. Limits expenditure of personal funds to $41,400 per election. Waives spending limits for eligible candidates whose opponents have spent sums exceeding the limit imposed upon such candidates. Requires specified independent expenditures to be reported to the Federal Election Commission and to each candidate within specified time frames. Requires the Commission to certify the eligibility of candidates to the Secretary of the Treasury, who shall disburse funds to such candidates. Directs the Secretary to establish a separate House of Representatives Election Campaign Account in the Presidential Election Campaign Fund and to deposit certain sums in such account in accordance with specified guidelines. Directs the Commission to audit campaign accounts. Requires repayment of excess payments and unexpended payments. Penalizes the use of funds for other than campaign purposes. Authorizes the Commission to institute repayment actions in U.S. district courts. Delineates the administrative authority of the Commission in carrying out this Act. Requires the Commission to make certain reports to the House of Representatives. Authorizes appropriations. Limits the amount of overall expenditures on House election campaigns. Declares that campaign materials distributed through the mail to applicable congressional districts shall not be considered expenditures. Places limitations on such costs and requires their disclosure in certain mandatory reports.