any loan of money by a State bank, a federally chartered depository institution, or a depository institution the deposits or accounts of which are insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration, other than any overdraft made with respect to a checking or savings account, made in accordance with applicable law and in the ordinary course of business, but such loan—
(I) shall be considered a loan by each endorser or guarantor, in that proportion of the unpaid balance that each endorser or guarantor bears to the total number of endorsers or guarantors;
(II) shall be made on a basis which assures repayment, evidenced by a written instrument, and subject to a due date or amortization schedule; and
(III) shall bear the usual and customary interest rate of the lending institution;
The law to which SUPERPACs are subject requires reporting the identity of persons giving more than $200.
The appellate court in SpeechNow made these observations:
SpeechNow would be required to, among other things: appoint a treasurer, § 432(a); maintain a separately designated bank account, § 432(b), 432(h); keep records for three years that include the name and address of any person who makes a contribution in excess of $50, § 432(c)(1)-(2), 432(d); keep records for three years that include the date, amount, and purpose of any disbursement and the name and address of the recipient, § 432(c)(5), 432(d); register with the FEC within ten days of becoming a political committee, § 433(a); file with the FEC quarterly or monthly reports during the calendar year of a general election detailing cash on hand, total contributions, the identification of each person who contributes an annual aggregate amount of more than $200, independent expenditures, donations to other political committees, any other disbursements, and any outstanding debts or obligations, § 434(a)(4), 434(b); file a pre-election report and a post-election report detailing the same, id.; file semiannual or monthly reports with the same information during years without a general election, id.; and file a written statement in order to terminate the committee, § 433(d).(emphasis added)The bottom line is that it appears that SUPERPACS are not making reports of contributors as required by FECA.
2 U.S.C. § 434(c)says:
(C) Notification of disposal of excess contributions.— In the next regularly scheduled report after the date of the election for which a candidate seeks nomination for election to, or election to, Federal office, the candidate or the candidate’s authorized committee shall submit to the Commission a report indicating the source and amount of any excess contributions (as determined under paragraph (1) of section 441a (i) of this title) and the manner in which the candidate or the candidate’s authorized committee used such funds.What the SUPER PACs are doing is ignoring the decision of the Federal Court of Appeals for the District of D.C. and pretending that they have already won their appeal in the Supreme Court. What they want is the capacity to raise large amounts of money for the purpose of influencing American elections without disclosing the source of those funds. No application for a Stay of the orders below pursuant to S.Ct. Rule 23 appear in the Court's file: http://www.supremecourt.gov/Search.aspx?FileName=/docketfiles/10-145.htm
The briefs have been distributed for Conference beginning in five days. Thereafter we will know if the Court will grant the petition for certirorari.