McCain & Feingold urge FEC to crack down on 527s - yikes!

What will happen if the FEC tells the mostly Democratic fund-raising groups called "527 organizations" that they can't run ads, do voter mobilization, or raise money as planned for the November election?  Mother Jones magazine just published an article that says that the 527s are in danger of becoming much more strictly regulated, and could be told by the FEC that they can only raise $2000 per person, not millions like George Soros has contributed.

http://www.motherjones.com/news/dailymojo/2004/03/03_519.html

Both Senator John McCain (R-AZ) and Senator Russ Feingold (D-WI) threatened Wednesday to go to court to force the FEC to crack down on the 527s.  Feingold said the FEC must not allow campaign-finance laws to be circumvented.

The six-member, bipartisan Federal Election Commission is scheduled to vote on May 13 on new regulations to restrict fund-raising by the 527 groups.  With the unlimited "soft money" contributions to national political parties ostensibly banned by the 2002 Bipartisan Campaign Reform Act (BCRA, also known as the McCain-Feingold law), Democrats are counting on the 527 groups, bankrolled by Soros, Real Networks CEO Robert Glaser, labor unions, and others, to mobilize voters.