If you’re running, Jeb, say you’re running

In December, Jeb Bush said he would “actively explore” running for president. In five months, Bush has gone from actively exploring to actively exploiting what little remains of campaign finance regulation. By waiting, and waiting, and waiting, Bush can raise unlimited money for his affiliated SuperPAC, called Right to Rise.

If the man who criticized Hillary Clinton’s secret emails wants to preserve credibility, he will end the pretense and declare his candidacy.

Under federal election laws, individuals can donate no more than $2,700 to candidates for the primary and another $2,700 for the general election. So-called SuperPACs, however, have no limits on donations. The supposed safeguard is that SuperPACs can’t work directly with a candidate’s campaign, only with other SuperPACs.

Though Bush isn’t breaking election law, he’s bending it to the breaking point. According to a recent report by the Sunlight Foundation, which tracks and reports on campaign finances, Bush has held nearly 50 fundraisers for Right to Rise since January. He wants Republicans to know he’s breaking records for fundraising and expects to have raised $100 million by the time he declares his candidacy, whenever that is.

As The Washington Post first reported, Bush also has given “his tacit endorsement” to a non-profit group called Right to Rise Policy Solutions. Such non-profits are not new, but the Post said Bush’s action marked “the first time one has been so embedded in the network of a prospective candidate.”

Non-profits not only can raise unlimited money, they don’t have to disclose their donors, a strategy other 2016 contenders may well adopt. A representative of the Ralph Nader-linked group Public Citizen calls it “an avenue for dark money.”

In theory, Bush could wait several more months to declare his candidacy. During this “testing the water” time, he can raise unlimited money for Right to Rise and Right to Rise Policy Solutions while working with the SuperPAC on strategies, tactics and messages that would just happen to align with his actual campaign.

SuperPACs were rising, and the lines between them and campaigns were blurring, before 2010. But the Supreme Court’s decision in Citizens United has made SuperPACs the money kings of American politics. Four SuperPACs — under the label Stand for Principle — are working on behalf of Ted Cruz, and raised $31 million in just a week. Marco Rubio’s PAC is Conservative Solutions. Rand Paul’s is America’s Liberty. Hillary Clinton’s is Ready for Hillary

Unlike Bush, however, Cruz, Rubio, Paul and Clinton are declared candidates. To varying degrees, they and most other serious contenders will disavow any direct relationship between their campaigns and their SuperPACs. All will be disingenuous. At least, though, Cruz, Rubio, Paul and Clinton have stated the obvious.

Bush, however, keeps saying, in essence, “If I decide to run.” We all know he’s decided. The longer he continues this sham, the less the public can trust him on other issues.

The divide between SuperPAC and campaign is important because, despite their prowess at raising money, SuperPACs pose risks for candidates. Donors who pony up many millions in this new system increasingly want to control the PAC’s actions. Those donors, however, are not campaign strategists.

In 2012, Mitt Romney’s Super PAC spent twice as much as President Obama’s. But the president’s PAC better targeted its money, running the early ads that portrayed Romney as a rich man who didn’t care about average Americans. Romney’s image never recovered. Obama’s victory shows how thin the line can be between a candidate and a SuperPAC. And it’s worth noting that Mike Murphy, the strategist who helped Bush win two terms as Florida’s governor, now is running Right to Rise.

Ironically, some political analysts believe that Bush’s frenzied drive for money indicates weakness in his prospective campaign. Bush had hoped to round up major donors early and scare off competitors. Instead, the theory goes, some of those patrons are backing other candidates, forcing Bush into a more prolonged effort despite his recent comment that his noncampaign is “shattering records” for fundraising.

Whatever the reality, the man advertising himself as the governor who brought policy innovations to Florida has become the non-candidate finding innovative ways to get around campaign finance rules.

Even if Bush is playing by the rules, those rules will lead to the wrong kind of elections. Bush should state the obvious: He’s running. Right to Rise? How about Rise Above?