Under HLOGA, the FEC was charged with coming up with new rules for requiring disclosure of bundling activities by registered lobbyists (no rule requires disclosure beyond lobbyists). The rulemaking got sidetracked for 2008 by the FEC lack of a quorum during much of the year, but today, the FEC by a 6-0 vote adopted a compromise bundling rule. (I believe the version of the rule enacted is the one posted here.) There is no Explanation and Justification yet; that will come in January.
The initial reactions of Fred Wertheimer and Paul Ryan are quite negative. I expect a lawsuit. Why not? It wouldn’t be the FEC unless it was constantly sued by reformers and deregulationists.