The Federal Election Commission today approved comedian Stephen Colbert's bid to set up a Super PAC.

"You may form your super PAC and proceed," the panel told Colbert.

ON-POLITICS: Mr. Colbert goes to Washington

The comedian appeared before the commission this morning and was scheduled to address the panel later today.

Colbert was seeking to start the political action committee that would allow him to raise unlimited amounts of money from corporations, union and wealthy individuals.

While Colbert is using the moment to underscore the large amounts of money swirling around elections, his petition was deadly serious.