The FEC has issued this press release. The upshot is that the FEC is going to provide a more extensive set of reasons as to why it chose not to regulate all 527s as political committees. Watch for the lawsuit from reform groups after the FEC issues its ruling, arguing that the FEC’s explanation is inadequate and contrary to congressional intent (that is, unless Congress actually enacts 527 reform, a possibility—though I don’t think a terribly likely one at this point). UPDATE: The NY Times offers this report in which Fred Wertheimer promises to be back in court soon. See also this Washington Post report, nothing that FEC Chair Toner and Commissioner Von Spakovsky dissented. UPDATE 2: Here is Commissioner Van Spakovsky’s statement. Bob Bauer weighs in, as do Allison Hayward (and here), Brad Smith, and Fred Wertheimer.