"Six months after the fact, the Federal Election Commission on Thursday finally recognized Republican presidential candidate John McCain’s withdrawal from the public finance system for the primaries. The FEC directed the Treasury Department not to make any payments to McCain to help cover the cost of his primary campaign.
The decision ignored complaints by the Democratic National Committee alleging McCain violated campaign laws by obtaining loans premised on his participation in the public funding program. Democrats also argued in their complaint that McCain never sought the panel’s approval, as required by law, before he announced that he would not take government money to help finance his primary campaign.
At the time, the FEC was operating with only two of six members because of a standoff in the Senate over commission nominations. Even if he had tried, the Arizona senator would not have been able to win FEC approval of his actions because a vote of at least four members would have been necessary.
At their meeting today, the FEC was silent on the circumstances surrounding the withdrawal and on the complaint filed by Democrats calling for a full investigation. But even if the agency proceeds with a full-blown inquiry the outcome would likely have little bearing on the conduct of the presidential campaign. At most, McCain could be fined, and that would — in all likelihood — not amount to much, given the FEC’s history of levying small fines — usually years after the fact.
The commission showed little inclination to take a stand on the matter. Commissioner Ellen Weintraub, a Democrat, even acknowledged that had McCain been forced to stay in the public finance system during the primaries it “would probably not have been a good result” for the democratic process."
http://www.cqpolitics.com/wmspage.cfm?parm1=5&docID=news-000002939949
