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Republicans Sue to End SEC Limit on State Donations

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.