A Tale of Two Vice Presidents: Pay-to-Play and the Running Mates

1 min

This article was originally published in Venable's Political Law Briefing Blog on July 25, 2016.


It was the best of times, it was the worst of times. For investment advisers and others subject to the pay-to-play rules, that is. Although both vice presidential picks have gubernatorial experience, because Mike Pence is a sitting governor and Tim Kaine is a former governor, there are certain pay-to-play rules that apply to contributions to Trump/Pence that do not apply to Clinton/Kaine. Thus, the Pence pick has important implications for many companies and firms engaged in the financial services industry.

As reported by various news outlets, Governor Pence's role with the Indiana Public Retirement System subjects contributions to the Trump/Pence ticket to the SEC's and other pay-to-play rules. Violations of these rules can carry significant penalties. And the shadow of the pay-to-play fundraising restrictions has even caused some to speculate that Pence should resign as governor.

Click to continue reading more about SEC's pay-to-play rules on Venable's Political Law Briefing blog.