FEC approves Obama's contingency-funding request
The St. Louis Post-Dispatch reports: The Federal Election Commission unanimously agreed this morning to let Sen. Barack Obama to have a backup fundraising plan, in a vote experts say could help revive the flagging public financing system in presidential campaigns.
In an unprecedented request, Obama, D-Ill., asked the commission whether – if he wins the Democratic nomination – he could use public financing if his Republican opponent would also agree to do so.
At the same time, Obama wants to start collecting private donations for the general election in the event his GOP opponent in 2008 declined to take part in the public financing system.
The commission gave Obama the thumbs-up, provided that money raised for a potential general election campaign be kept in a separate account and fully refunded to donors within 60 days of deciding to accept public funding. -- STLtoday - News - Washington