Colbert creates his Political Action Committee (PAC)
The FEC lawyers are worried that Stephen is violating Federal Law because PACs cannot accept money from corporations and Comedy Central is owned by the ViaCom Corporation. Citizens United Ruling and the creation of SuperPACs.
Stephen files his paperwork to create Colbert SuperPAC
The FEC sends questions to Colbert with questions that they have before they award him permission to create the Colbert SuperPAC
Trevor gets Stephen ready for his big day with the FEC
Stephen goes to visit the FEC
Once Stephen gets his SuperPAC no corporations want to give money to his SuperPAC because they would have to disclose their donation. So he creates a C4 Shell Corporation to launder the money.
Stephen wants to run for President, but he can't do that and be in charge of the SuperPAC. So he has to hand over his SuperPAC to someone he will not "coordinate" with.