FEC Warns McCain on Campaign Spending - washingtonpost.com

The WAPO has this story today about the possible trouble that John McCain may be getting into with the FEC. It seems that he has asked to be released from the presidential public financing system. The chairman of the FEC, David M. Mason, a Republican though says, in effect, "hold on!"

"Mason's letter raises two issues as the basis for his position. One is that the six-member commission lacks a quorum, with four vacancies because of a Senate deadlock over President Bush's nominees for the seats. Mason said the FEC would need to vote on McCain's request to leave the system, which is not possible without a quorum. Until that can happen, the candidate will have to remain within the system, he said.

The second issue is more complicated. It involves a $1 million loan McCain obtained from a Bethesda bank in January. The bank was worried about his ability to repay the loan if he exited the federal financing program and started to lose in the primary race. McCain promised the bank that, if that happened, he would reapply for matching money and offer those as collateral for the loan. While McCain's aides have argued that the campaign was careful to make sure that they technically complied with the rules, Mason indicated that the question needs further FEC review."

Funny that a guy like McCain, who was and still is the champion of campaign finance reform would stoop to trying to game the system so blatantly.