527s spending $300 million on campaigns
The Los Angeles Times reports: Unions, corporations and wealthy individuals have pumped nearly $300 million this year into unregulated political groups, funding dozens of aggressive and sometimes shadowy campaigns independent of party machines.
The groups, both liberal and conservative, air TV and radio spots, conduct polls, run phone banks, canvass door-to-door and stage get-out-the-vote rallies, with no oversight by the Federal Election Commission. Set up as tax-exempt "issue advocacy" committees, they cannot explicitly endorse candidates. But they can do everything short of telling voters how to mark their ballots.
Because they can accept unlimited donations from any source, the committees — known as 527s — have emerged as the favored vehicle for millionaires and interest groups seeking to set the political agenda. ...
Named for a section of the IRS code, 527s have been around for years but became a political force in 2004 after the Bipartisan Campaign Reform Act of 2002 — also known as the McCain--Feingold Bill — limited donations to political parties. Groups such as Swift Boat Veterans for Truth on the right and America Coming Together on the left contributed $600 million that year, with a heavy focus on the presidential race. -- UNREGULATED GROUPS WIELD MILLIONS TO SWAY VOTERS - Los Angeles Times