Final answer:
The FEC was created to regulate campaign contributions and ensure transparency in campaign finance. It was established through the FECA and oversees the enforcement of campaign finance laws.
Step-by-step explanation:
The Federal Election Commission (FEC) was created in response to the need for campaign finance oversight and transparency. The FEC was established through the Federal Election Campaign Act (FECA) passed by Congress and the President. This law aimed to regulate campaign contributions and interest group activity, requiring them to register as political action committees (PACs). The FEC enforces campaign finance laws, sets limits on donations, and ensures candidates disclose the source of their funds.