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Edition: U.S. Article Comments (0) Slideshow Editor's Choice Harry Potter to cast final spell with eighth, last film Clemens to hit back against perjury charges Big fast-food chains lag rivals in taste Man gets two years for Paris Hilton burglary try Negotiating retirement with your spouse NFL and union resume labor talks "Red tourism" puts the party back in communism Comment: What Lucy, Desi could tell gay couples Video: Ahead of Kate Moss's wedding Slideshow: Watching Wimbledon Follow Reuters Facebook Twitter RSS YouTube Read White House snubs McConnell invitation to Obama 12:51pm EDT U.S. caught China buying more debt than disclosed 12:47pm EDT Putin says Russian 2012 election will be dirty 8:34am EDT NATO air strike kills fighter linked to Afghan hotel attack 12:46pm EDT "Tudors" star Rhys Meyers hospitalized: report 3:29pm EDT Discussed 99 Top Republicans insist no taxes in debt deal 71 U.S. cost of war at least $3.7 trillion and counting 65 Bachmann facing scrutiny as top-tier candidate Watched A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 Austerity vote passed amid violent Greek protests Wed, Jun 29 2011 Hefner's revenge; Ryan Reynolds stops traffic Fri, Jun 17 2011 Comedian Colbert lampoons campaign finance laws Tweet Share this Email Print Related News Democrats weigh short-term debt limit increase 3:29pm EDT Bachmann launches 2012 presidential bid Mon, Jun 27 2011 Republicans walk out of budget talks over taxes Thu, Jun 23 2011 Democrats push for jobs package in debt deal Wed, Jun 22 2011 Greek PM to reshuffle government to advance austerity plan Wed, Jun 15 2011 Analysis & Opinion Rare agreement on Capitol Hill over confirmation process Default not an option under U.S. Constitution Related Topics Entertainment » Fashion » Politics » Barack Obama » 1 / 5 Stephen Colbert greets a crowd outside the Federal Election Commission (FEC) after his meeting with members of FEC to discuss his proposal to establish an Independent expenditure-only political committee and Draft Advisory Opinion 2011-12 in Washington June 30, 2011. Credit: Reuters/Yuri Gripas By Kim Dixon WASHINGTON | Thu Jun 30, 2011 4:35pm EDT WASHINGTON (Reuters) - Political satirist Stephen Colbert won approval from the U.S. election regulatory agency on Thursday to form a political action committee that can raise and spend unlimited amounts of money on the 2012 elections. Colbert, who presents himself as a conservative pundit on his late-night cable TV show and has mocked the infusion of corporate money into U.S. political campaigns, emerged to cheers from supporters outside the agency's headquarters. Asked what message he was sending to big corporations, the comedian said: "None. I want their money." Treating Colbert's request as a serious campaign finance issue, the U.S. Federal Election Commission voted 5-1 to allow the creation of his "Super Political Action Committee." A political action committee, or PAC, is a group created to raise and spend money to elect or defeat political candidates or causes. PACs are regulated by the FEC. SuperPACs are amped-up PACs created after a federal court ruling in 2010 allowed unlimited corporate and union contributions to certain political committees. His show, "The Colbert Report," airs on the Comedy Central cable channel, owned by Viacom Inc. The FEC required Colbert to reveal certain spending by Viacom producing advertisements and other costs for his PAC. Colbert's creation of his PAC is aimed at mocking a 2010 U.S. Supreme Court decision that made it easier for corporations to pour money into political campaigns. But his stunt could have had unintended consequences that would have made it easier for candidates who work for big media companies to use their employer to further their political careers. 'A SPIRITED FARCE' Colbert had sought a ruling from the FEC that would let Viacom spend unlimited amounts of money without disclosure to bankroll some of the PACs activities. The commission denied this request. "The troubling nature of the Colbert request is that although it is meant as a spirited farce, it would have had serious real world legal effects," if adopted, said Tara Malloy, an attorney at the Campaign Legal Center, a nonpartisan group that backs stronger campaign finance laws. Colbert appeared before the FEC commissioners during a staid meeting and afterward spoke to a boisterous crowd chanting his name outside the building. "I am here to represent your voice so please quiet down so you can hear what I have to say," he said. "Some people have cynically asked, 'Is this some kind of joke,'" Colbert told the crowd. "I don't think that participating in democracy is a joke." Separately, the FEC approved a bid by two new Democratic political action committees asking if candidates can seek funds on behalf of independent political groups. The panel cleared that request but said such solicitations are subject to campaign finance giving limits. That request was spurred by Republican lawyer James Bopp's contention that such solicitation is legal and that he is encouraging Republican officials to seek donations for the newly formed Republican SuperPAC. (Reporting by Kim Dixon; Editing by Will Dunham) Entertainment Fashion Politics Barack Obama Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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