Blind campaign watchdogONCE AGAIN, the Federal Election Commission is proving itself a poor custodian of the nation's campaign finance system. Although the McCain-Feingold reform was passed two years ago, supposedly ending the influence of huge, unregulated soft money donations on federal elections, that money is still funding many of the toughest ads now being run in the presidential campaign. And the FEC has all but declared itself impotent to act during this election cycle.
The commissioners should pull themselves together and meet their own May 13 deadline for imposing regulations that would at least cover the most flagrant abuses. One hurdle is self-imposed. The FEC needlessly included all nonprofit organizations in draft regulations instead of focusing on those whose primary purpose is to affect federal elections. The broader issues deserve attention eventually, but the FEC should concentrate on the so-called 527 groups, named after a provision in the tax code. Some of these groups are spending heavily to tilt the presidential campaign -- most of them opposing President Bush. This has produced anomalies. Republicans who resisted regulation for years are now eager to stifle the Moveon.org Voter Fund and other groups blasting Bush. Some Democrats back regulation but would just as soon have the rules imposed after this year so supporters like billionaire George Soros can lessen Bush's huge fund-raising advantage.
But the authors of the reform law were right in saying last week that "to do nothing would be to bless a loophole that will have grave consequences." It is worth noting that McCain-Feingold still promises two major benefits: The parties themselves aren't seeking big contributions, and soft money will not be able to buy political ads after Labor Day. But the FEC should move quickly to close the 527 loophole. |
