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Could the Federal Elections Commission simply close the 527 loophole with an administative ruling?

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Could the Federal Elections Commission simply close the 527 loophole with an administative ruling?

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Maybe. The FEC has adopted fairly weak definitions of what counts as electioneering. They could reinterpret laws that have been on the books since 1976 that would significantly reduce the size of the loophole. But, they have so far shown little willingness to do so.

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