UPDATE: The Federal Election Commission has decided Comedy Central faux news anchor Stephen Colbert can go ahead with plans to form his “super PAC” to raise and spend unlimited money in the 2012 elections. But the panel said Comedy Central parent Viacom Corp would have to report any aid it gives Colbert for political activities outside Colbert’s TV show.

Colbert plans to discuss the decision in detail on his “The Colbert Report” Thursday night. But he gave us a sneak peek, in the form of a victory speech outside the building:

Here’s The Post’s coverage of the FEC’s decision.

Watch FEC mulling Colbert Super PAC Thursday morning:

Comedy Central’s faux news anchor Stephen Colbert testified this morning to the Federal Election Commission on his bid to form a “super PAC” for the coming election cycle.

“Change is coming – and I hope a lot of large bills too,” Colbert said at the top of Wednesday night’s show on the eve of the FEC’s decision.

Colbert announced his super PAC in April to skew court rulings allowing corporations to spend unlimited amounts of money on elections. Wednesday night, Colbert noted that since he “brought” Super PACS “to the nation’s attention in April,” 17 new ones have been created, including Turn Right USA, “who have released some really great ads, including one that makes some salient points about congressional candidate Janice Hahn.”

Hahn is a Democratic candidate for U.S.Congress in California.

Colbert then played that controversial ad, which made the news cycle recently, in which a Voiceover Guy says that “in an insane effort to reduce gang violence, Janice Hahn hired hard-core gang members” to “be gang intervention specialists.”

“She even helped them get out of jail so they could rape and kill again,” Voiceover Guy said darkly. Meanwhile, on the screen, viewers see young guys’ heads flanking a waggling woman’s rump clothed in tight black boy-shorts that are brimming with cash. The guys sing a ditty that includes such lyrics as, “Give me your cash [prostitute] so I can buy some more heat.”

“Now, I know that ad might seem racist but if you look past the racism there is also a real message of misogyny,” Colbert gushed.

“This why want my own PAC -- to make ads like this, only less responsible. And folks I may get what I want. [Thursday] the FEC will rule on whether or not I can have a Super PAC. Right now, it is all in the hands of the FEC.”

On his show, Colbert brought out former FEC chair Trevor Potter to prep him in re what he could expect Thursday.

Potter said the FEC usually works “with about two people in the audience not paying attention to what they’re doing.”

“Well they should thank me. Are we charging anything for this? Because I get a lot for personal appearances,” Colbert said.

Read today’s article on the FEC hearing by The Post’s Dan Eggan.

You can view Colbert’s FEC advisory opinion request here.

And here’s Colbert talking about his FEC appearance on Wednesday’s ”The Colbert Report”: