I watched Colbert last night. He did a very good job of explaining "Super PACs" and how they came to be.
"FEC Rulings Open Door For 'Super' PACs
Liberal And Conservative Committees Get The Green Light For Unlimited Donations
Monday, August 2, 2010
In the wake of court rulings that roll back limits on independent campaign expenditures, the Federal Election Commission has issued two advisory opinions that spell out just how easy it will now be for political players to raise big money directly from corporations and unions.
Responding to questions
from the anti-tax Club for Growth and a new Democrat-friendly political group dubbed Commonsense Ten, the FEC opinions spell out that corporations and labor unions may now make unlimited donations to independent expenditure committees --that is, groups that weigh in on elections without coordinating with or donating directly to candidates.
The FEC opinions follow on the Supreme Court's January ruling in Citizens United v. Federal Election Commission to overturn the ban on direct corporate and union independent campaign expenditures. They also reflect a recent lower court ruling in SpeechNow.org v. FEC that found political committees making independent campaign expenditures may use corporate and union money to expressly attack or support candidates.
Unlike 527 groups, which report their activities to the IRS, "super" PACs will report to the FEC. "I expect you'll see an uptick in these kinds of groups," said Marc Elias, a partner at Perkins Coie and an attorney for Commonsense Ten.
Indeed, the FEC advisory opinions appear to set the stage for a new generation of "super" political action committees that raise unlimited, previously-outlawed corporate and union money, while comprehensively reporting all receipts and expenditures. These groups must follow the same disclosure rules as fully-regulated PACs, but may not donate money to candidates."
Much more:
http://www.nationaljournal.com/columns/rules-of-the-game/fec-rulings-open-door-for-super-pacs-20100802Ironic, eh? I guess SOTU gets a lot more publicity and buzz than relatively quiet FEC proceedings.