Irony: McCain Accused of Violating McCain-Feingold Campaign Finance Reform Laws

The Democrats have called for a special investigation into the campaign finances of Senator John McCain. The dispute is over whether McCain’s non-receipt of public funds for his campaign allows him to continue spending money on his campaign for the remainder of the primary election season. The New York Sun is reporting:

Mr. McCain, the likely Republican nominee, has tried to withdraw from the public financing system, but the FEC chairman has initially refused to grant his request.

The case could have far-reaching implications for the fall campaign. A decision that forces Mr. McCain to remain in the public financing system for the primary or that finds him in violation of federal law could severely limit the amount of money he could spend in the six months leading up to the Republican nominating convention in late summer. The restriction would have the effect of giving the Democratic nominee a spending head start equal to tens of millions of dollars.

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A candidate can withdraw from the system before spending any of the federal funds, and the McCain campaign, flush with cash following a series of primary wins, signaled its intent to do so in a letter to the FEC dated February 6. But in a response late last week, the commission chairman, David Mason, questioned whether Mr. McCain had used the promise of federal matching funds as collateral for a bank loan he took out last year that provided a $4 million line of credit. Such a move could prohibit him from withdrawing from the system because he would have already benefited.

As Jim Garaghty or the National Review Online commented:

Also see:

• NRO-John McCain’s Potential Headache from the FEC
• McCain Faces Democrats’ Complaint