Wall Street Donation Rules May Cost Perry
Texas Gov. Rick Perry has a Wall Street problem.
It’s not just that finance industry players regard Perry with suspicion, thanks in part to his recent attacks on Federal Reserve Chairman Ben Bernanke. Perry’s bigger problem is that federal rules actually bar certain finance-sector professionals from donating to his campaign.
Perry is the only presidential candidate in the field affected by the rules, which are aimed at curbing pay-to-play abuses in the lucrative municipal bonds and public pension industries. The federal rules penalize certain investment advisers and municipal securities dealers who make campaign contributions to state officials running for federal office. Perry is the only White House hopeful who fits that bill.
“There are going to be certain people who would like to make contributions to his campaign, or solicit contributions for his campaign, who will not be able to,” said Kenneth Gross, who heads the political law practice at Skadden, Arps, Slate, Meagher & Flom. “I wouldn’t call it debilitating. But it will certainly put him at some disadvantage in fundraising to all the other candidates who don’t have these restrictions.”