IF THE Securities and Exchange Commission stopped acting, the nation would feel vulnerable to securities fraud. If the Federal Trade Commission were paralyzed, or the Federal Communications Commission, there would be a crisis of confidence in fields they regulate. Why, then, are the nation’s political leaders so complacent about the Federal Election Commission, the independent regulatory agency charged with being the watchdog over the political process and protecting the integrity of U.S. democracy? As of this month, the six-member commission is down to three commissioners, although it needs four for a quorum. Without a quorum, the FEC cannot hold hearings, make rules, initiate litigation, issue advisory opinions, launch investigations or approve enforcement actions and audits, among other things. The FEC chairwoman, Ellen L. Weintraub, has put on a brave face, noting that the commission’s “most important duties will continue unimpeded,” such as shining a spotlight on campaign finance and performing the staff work when it receives complaints. She insists that the “United States’ election cop is still on the 2020 campaign beat” and that she will “remain vigilant to all threats to the integrity of our elections.”