The Federal Election Commission (FEC) has jurisdiction to issue regulations and enforce federal campaign finance laws; in other words, to interpret and enforce the regulation of Americans' political speech, which is protected by the First Amendment.  

For years, Democrats have attempted to expand regulation of political speech through onerous disclaimer, disclosure, and reporting requirements; low contribution limits; making the FEC a partisan body controlled by the President's party (such as in H.R. 1 and the perennial DISCLOSE Act); outright speech prohibitions; and even through spending limits (which the Supreme Court declared unconstitutional back in Buckley v. Valeo).  

With the resignation of Republican FEC Commissioner Matt Petersen, the FEC is back in the news.