Campaign-finance enforcement and safeguards face mounting pressure

FEC staffing is down 33%, with a current working estimate of 195 backlogged cases; a claim of 307 cases and a near-year-long shutdown remains advocacy-based and requires verification. The SEC’s proposal to repeal its investment-adviser pay-to-play rule would remove a major federal safeguard if adopted, while beneficial-ownership rollbacks and Corporate Transparency Act non-enforcement increase dark-money risks.