FEC rejects Dems claim that McCain violated Public Financing Laws

The Politico has this story:

John McCain was spared some potentially embarrassing legal trouble early Thursday afternoon, when the Federal Election Commission voted unanimously to let his presidential campaign out of the primary election public financing system.

The vote takes the air out of Democrats’ claims that McCain, the presumptive Republican nominee, had broken the rules of the system, an accusation Democrats have wielded to try to undercut McCain’s image as a campaign finance reformer.

The Democratic National Committee in February filed a complaint with the commission asserting that McCain ran afoul of the system by qualifying for its funds, using the possibility of receiving them to secure a loan, but then withdrawing from the system and exceeding its spending limits.

But the commission ruled that McCain did not actually receive the funds or pledge them as collateral for a loan — and that, therefore, he could withdraw from the system without penalty. . . . .