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The Federal Election Commission last week issued an advisory opinion that said any ads which promote, support or attack a specific candidate must be paid for with hard money. The move could threaten the ability of political interest groups known as 527s to use soft money to campaign against President Bush.
The opinion is not a law, but the FEC is expected to issue a formal rule-making on the issue by mid-May.
The opinion is the first-step in determining how 527s—co-called because of their tax standing with the IRS—can raise and spend money under McCain-Feingold.
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