The Romney campaign and the RNC set up the Romney Victory fund in order to take in big donations of up to $75,800, but potential donors from Wall Street are skittish because of new SEC rules which prevent investment advisers from influencing elections in states where they are trying to get business, reports the Wall Street Journal:
Some $40,000 of an individual’s $75,800 contribution would go to state GOP accounts in Idaho, Massachusetts, Oklahoma and Vermont—the legal maximum of $10,000 for each. These funds are intended to help the Romney presidential campaign.
Presidential candidates in the past have asked donors to give money to state parties to help fund their election effort. But Mr. Romney’s inclusion of state campaigns has raised a red flag with some Wall Street firms because of new SEC rules enacted after “pay to play” scandals.
Lawyers for investment companies have warned their clients that a donation to the Romney Victory fund could trigger SEC rules meant to bar investment advisers from influencing elections in states where they are trying to win business.
