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SEC Hit with Lawsuit on Political Contributions to Public Pension Funds Rule

Joining forces against the U.S. Securities and Exchange Commission (“SEC”), the New York Republican State Committee and Tennessee Republican Party have filed a lawsuit against the agency regarding a rule they claim violates the First Amendment and Administrative Procedures Act (“the Act”). According to the August 7th complaint, both parties contend that a rule restricting an adviser’s political contributions to public employee pension funds imposes on the Federal Elections Commission’s authority to regulate campaign spending as established in the Act. The complaint also asks the U.S. District Court to declare that the SEC lacked proper authority to write the rule.. Read More.

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