Posted on 08/13/2024 2:37:41 PM PDT by edwinland
Vice President Kamala Harris’s selection of Minnesota Gov. Tim Walz as her running mate has created an unexpected challenge for Wall Street’s political donors.
Major financial institutions are now grappling with stringent regulations that could limit their employees’ ability to contribute to the Harris-Walz campaign.
At the heart of the issue, reported initially by Business Insider, is the Securities and Exchange Commission’s “pay-to-play” rule, adopted in 2010. The regulation aims to prevent financial firms from influencing politicians through campaign contributions in hopes of securing lucrative government contracts, like managing state pension funds.
(Excerpt) Read more at finance.yahoo.com ...
My conspiracy theory is that this rule was adopted to squash Scott Walker when he was the Republican rising star. It would be a beautiful irony if it comes back to hurt them.
Thank goodness Blackrock is woke/climate friendly so they would have no motive for this kind of bribery.
Thank goodness Blackrock is woke/climate friendly so they would have no motive for this kind of bribery.
As if Rat Party Headquarters cares even a little bit about rules or laws.
Well, well. And people belive they’ll enforce the rule? lolol.
The employees won’t contribute over the limit. Their wives, children, dogs, goldfish, etc. might be a different story.
Assuming it would be the jurisdiction of the FIBbies, I doubt they’re concerned.
I don’t see this as a big issue. The rule applies to firms seeking municipal business in a state where the recipient Governor can influence the selection of participants, such as underwriters and financial advisors, for a bond transaction. Moreover, it only affects those municipal finance professionals that are involved in a potential transaction. Not all Wall Street firms do municipal business in Minnesota and if they did, only the municipal bankers doing the business are barred from contributing above the limit. Everyone else at the firm can roll the money in to the Harris/Walz coffers.
Which they obviously don’t.
That’s the old rule. Since 2010 if you donate to a gubernatorial campaign in any State you can’t do it supervise any business that has public pension funds (example Calpers) as clients. That is a very large portion of senior wall street positions.
Got it. Thanks. I guess I’m showing my age, having left the industry before that year.
Understood, and anyway the new rule makes no sense ... but it really is applied.
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