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FEC Approves Findings in an Audit Division Recommendation Memorandum and Issues an Advisory Opinion

August 17, 2017

WASHINGTON – At its open meeting today, the Federal Election Commission approved four findings in an Audit Division Recommendation Memorandum and issued an Advisory Opinion. The Commission also discussed two drafts of a second Advisory Opinion.

Audit Division Recommendation Memorandum on the Illinois Republican Party. The Commission approved four findings in an Audit Division Recommendation Memorandum on the Illinois Republican Party, covering activity between January 1, 2011, and December 31, 2012. The approved findings related to the misstatement of financial activity, recordkeeping for communications, reporting of debts and obligations, and recordkeeping for employees.  The Commission rejected two other findings related to the reporting of apparent independent expenditures and the receipt of apparent prohibited in-kind contributions.

Advisory Opinion Request 2017-06 (Stein/Gottlieb). The Commission discussed two drafts of an advisory opinion request from Eli Stein and Jeremy Gottlieb and held over a vote. The requestors ask several questions about a proposed app that would allow users to round up spare change from the user’s debit or credit card transactions and contribute those amounts to candidates for federal office. During the discussion the Commission heard from counsel for the requestors.

Advisory Opinion 2017-08 (Point Bridge Capital). The Commission approved an advisory opinion in response to a request from Point Bridge Capital, LLC.  The Commission concluded that the requestor’s proposed index of publicly traded securities and exchange traded fund based on that index would be permissible under the Federal Election Campaign Act of 1971, as amended, and Commission regulations and that the requestor would not be required to file any reports with the Commission.  During the discussion the Commission heard from counsel for the requestor.

The Federal Election Commission (FEC) is an independent regulatory agency that administers and enforces federal campaign finance laws. The FEC has jurisdiction over the financing of campaigns for the U.S. House of Representatives, the U.S. Senate, the Presidency and the Vice Presidency. Established in 1975, the FEC is composed of six Commissioners who are nominated by the President and confirmed by the U.S. Senate.

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