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Fannie Mae, RNC settle suit with FEC

The Federal Election Commission (FEC) has entered into conciliation agreements with the Republican National Committee (RNC), the National Republican Senatorial Committee (NRSC), and the Federal National Mortgage Association ("Fannie Mae") resolving violations of the Federal Election Campaign Act (the Act).

The conciliation agreement resulted in total civil penalties of $132,000. Fannie Mae will pay $10,000, the NRSC will pay $24,000, and the RNC will pay a penalty of $98,000.

The Commission found that certain donations from Fannie Mae during the period from 1998 through 2000 were made to or deposited in nonfederal accounts of the party committees that were not "building funds." The Act prohibits contributions or expenditures from Congressionally chartered corporations in connection with any election. The law in effect at the time provided for a specific exception for contributions to building fund accounts. -- FEC News Release