The Securities and Exchange Commission rule limiting some campaign contributions from investment firms violates free speech, two state Republican parties said in a lawsuit seeking to overturn the regulation.
The rule, which governs donations to political candidates with influence over state government business, forces investment advisers to make “an impermissible choice” between “exercising a First Amendment right and retaining the ability to engage in professional activities,” the New York and Tennessee Republican parties wrote, according to a complaint filed today in Washington federal court.
