Excerpt taken from article.
When comedian Stephen Colbert won the Federal Election Commission's approval in June to run his own so-called super political action committee, he lost no time soliciting money for it.
Such PACs earned the "super" label because they live by lax rules that make it easy to raise and spend big money. Unlike traditional PACs, which are subject to stringent disclosure rules and limits on the size and source of contributions, super PACs may take large, unrestricted donations from any source, and use them to benefit any candidate or cause, as long as they operate at arm's length from the campaign itself. In theory, they're supposed to fully disclose their donations — but it doesn't always turn out that way.
"We've had many years of expecting disclosure, assuming disclosure," says Trevor Potter
, a former FEC chairman who heads the political law practice at Caplin & Drysdale in Washington. "And I think it's going to be a real shock to people that we don't have that this year." Click here to read this article about the history, background and impact of SuperPACs.