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What Purpose, the FEC?

Will someone please explain to me of what use the Federal election commission is?

As an example; The Norman Hsu matter… the likelihood is that the commission will not make any rulings or Levy any fines against any one of the mariad of Democrats we listed here yesterday as having received money from this criminal.  And yet, the democrats listed are just as criminal as the elusive Mr Hsu.

The commission, indications are, will not take any action until such time as the election is already well past.  So, again please explain to me, what function the Federal election commission serves, when the people they would charge in this case, are by that time either bankrupt, having spent all their money trying to get elected, or are now in a position of power, which would logically be able to quash any FEC investigation and the consequences thereof.