With passage of the McCain-Feingold campaign finance reform law in 2002, the theory was that there would be a reduction in the influence of money on elections. But with more than six months remaining in the presidential campaign, it is clear that more money than ever is pouring into the national election.

As of March 1, the candidates in the current presidential election, including the Democratic primary, had raised $316 million, compared with the $184 million raised at this point in the 2000 race.

So far in this campaign, President George W. Bush has raised $180 million, setting the record as he sails toward $200 million. Democrat Sen. John Kerry, who opted out of receiving federal matching funds that would have limited his spending, has raised $50 million in just the first quarter of this year. His campaign is hoping to raise $100 million for the fall election, and some speculate he could hit $120 million.

These fund-raising figures appear to put Kerry at a disadvantage to Bush, but that is before efforts of groups called "527 committees" are included. These groups, named for the section of the tax code that permits them to exist, are raising mountains of money outside normal McCain-Feingold restrictions. They also are raising howls of protest - mostly from Bush supporters.

The majority of 527 groups are aimed at defeating Bush. With names like ACT, moveon.org, Media Fund and Partnership for American Families, their anti-Bush agendas are not apparent. But with strong ties to current and past Democratic administrations, labor unions and left-leaning organizations, the groups' intentions are clear. There is no doubt about their objectives - they aim to defeat Bush.

Writing about the growing influence of 527 groups, Business Week magazine called the wealthy contributors to 527's "super fat cats," noting that billionaire investor George Soros has given $15 million to unregulated 527 groups committed to ousting Bush.

The end result could be that Bush will be outspent in the coming campaign, not by Kerry directly, but by the cumulative spending of Kerry, the 527 committees and the rest of what is being called a shadow Democratic party.

Upset with the apparent violation of the McCain-Feingold law, some Bush supporters and conservative organizations have filed protests with the Federal Election Commission arguing that 527 groups should be forced to operate under the same rules and regulations as other campaign fund-raising vehicles.

The authors of the current campaign finance law, Sens. John McCain and Russell Feingold both say they believe 527 groups should be forced to operate under the current campaign finance laws.

Democrats generally object, saying they need the unregulated 527 funding to compensate for Bush's conventional financial edge. They deny 527 groups are exploiting a loophole because they are not coordinating their efforts with Kerry's campaign or Democratic party officials.

But viewing the content of their ads, it's clear they all have the same basic message - defeat Bush.

The FEC is holding two days of hearings this week to examine the influence of 527 groups and to decide whether to rein in the activities of these clearly political groups. The difficulty for the FEC is that these non-profits groups that claim to be merely advocacy groups are seen producing "issue ads" that look no different, or are even tougher, than ads coming from the Kerry campaign and the Democratic National Committee.

Only the most naïve observer believed that passage of the McCain-Feingold bill would take big money out of politics. But it is still surprising that the new campaign finance law has actually caused more money to pour into national campaigns and created new problems in terms of what should or should not be regulated and restricted.

As predictable as April showers, money will flow into politics. And as one loophole is blocked, another one emerges. In the spirit of McCain-Feingold, 527 groups should be regulated. The problem will come in deciding when and how.

- J.L.W.III