GOP Seeks to Further Weaken Campaign Finance Laws

Experts say latest challenge could further erode contribution limits

by Deirdre Fulton, staff writer

Republican lawmakers hoping to rake in more campaign cash from Wall Street are challenging a U.S. Securities and Exchange Commission rule that limits the amount of money financiers can give to governors and state officials.

Last week, the state Republican committees of New York and Tennessee filed a lawsuit aimed at repealing a Securities and Exchange Commission (SEC) rule that limits the campaign contributions that can be made by investment advisers on Wall Street to political candidates. The rule is designed to prevent Wall Street from using campaign donations as a form of bribery against state officials who rely on these financial institutions to manage their investments.