FEC ISSUES ADVISORY OPINION, WASHINGTON –The Federal Election Commission today issued an advisory opinion and approved an Audit Division Recommendation Memorandum. Advisory Opinion 2012-21 (Primerica, Inc.). The Commission concluded that Primerica, Inc., a for-profit, publicly traded distributor of life insurance and financial products, and Citigroup, Inc., the former parent company of Primerica, Inc., are disaffiliated. Accordingly, Primerica, Inc. may establish its own separate segregated fund (SSF) that is not affiliated with Citigroup's SSFs. During the discussion, the Commission heard from counsel on behalf of Primerica, Inc. Audit Division Recommendation Memorandum on the Friends of Todd Young. The Commission approved the Audit Division Recommendation Memorandum on the Friends of Todd Young, covering campaign finance activity between February 12, 2009 and December 31, 2010, subject to an amendment put forward at today’s meeting. The Audit Division Recommendation Memorandum proposed that the Commission approve findings presented in the Draft Final Audit Report related to the receipt of apparent prohibited contributions, receipt of contributions in excess of the limit and failure to file 48-hour contribution notices. The Audit Division will prepare the Proposed Final Audit Report within 30 days. 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. # # # |
