Voters can't make informed choices in the political marketplace if they don't know which people, companies, or interest groups are trying to influence their votes. Accordingly, federal law requires these spenders to report donors who contributed more than $200 for the purpose of furthering the group's electioneering.

But the FEC has opened up a loophole in the disclosure law big enough to drive a truck through.

Under the FEC's rules, groups don't have to disclose their donors unless the donor specifically earmarks the donation for a particular advertisement. It doesn't take a particularly sophisticated contributor to game the system -- just write your check and hand it over with a wink and a nod instead of an express agreement, and your name stays secret. Under the FEC's rules, money talks -- it just doesn't leave its name.

Inadequate disclosure is only one problem with the agency. The latest FEC episode looks like pure farce, but it could have tragic consequences for our democracy.

Among other results of Citizens United, and another federal court case concerning the group SpeechNow.org, was the birth of a new entity that can take unlimited contributions: the SuperPAC. Contribution limits exist -- and have been repeatedly upheld -- because they curb corruption. Citizens United declared that independent political spending -- undertaken without coordinating or consulting with candidates -- cannot corrupt candidates.

Therefore, the FEC concluded in a 2010 advisory opinion, if a PAC declares that it is fully independent and does not contribute to candidates, it need not abide by contribution limits.

Thus was born the SuperPAC. Under the FEC's opinion, wholly independent SuperPACs can legally receive unlimited contributions -- from corporations, unions, and trade associations, among others.

But, on the way to the 2012 election, a funny thing happened with that "wholly independent" requirement.

First, political operatives came up with the "candidate Super PAC" -- an entity that is independent in name only, and exists for the sole purpose of electing a particular candidate. All the leading candidates have one, and they've effectively obliterated contribution limits.

You're limited to contributing $2,500 to your preferred candidate? No problem: Just write one check for $2,500 and another to the SuperPAC working to elect your candidate. And make that second check as big as you want!

Now the SuperPACs want to take it even further. Under the campaign finance laws, expenditures that outside groups coordinate with candidates count as "in-kind" contributions. This makes sense: If a candidate wants to put up a billboard and asks a supporter to pay for it, the supporter's "independent" check paying for the billboard is just as valuable to the candidate as a cash contribution. This coordinated spending must be reported as a contribution (and must comply with any applicable contribution limits).