Steele Hid $7M in Debt From FEC: RNC Treasurer

The Republican National Committee’s treasurer has found $7 million in debts the committee didn’t report to the FEC, and has accused Michael Steele of intentionally hiding them. The finding, reported to the FEC yesterday, is likely to bring a big fine down on the committee, which now looks a lot less financially healthy. The RNC has retained a former FEC chairman as counsel, a move both unusual and significant, an expert tells the Washington Times.

In a memo to RNC budget committee members, Treasurer Randy Pullen said he’d noticed the shortfalls when he saw that fundraising was “well short of budgeted numbers,” but that cash-on-hand was rising. He says Steele ordered his staff not to communicate with him, and to limit his access to past-due bills. RNC officials deny that, and say Steele has ordered an internal policy review. (More Republican National Committee stories.)