NY, Tenn. Republicans Sue SEC Over Political Donation Rule

Law360, San Diego (August 7, 2014, 11:47 PM EDT) -- New York and Tennessee Republican groups lodged a suit Thursday in D.C. federal court, alleging that the U.S. Securities and Exchange Commission’s rule restricting political contributions from investment advisers violates First Amendment protections and shouldn’t be enforced.

The New York Republican State Committee and the Tennessee Republican Party challenged the SEC’s so-called Political Contribution Rule, saying it improperly forces investment advisers to choose between exercising a First Amendment right and retaining the ability to engage in professional activities.

The groups allege in their complaint that the rule’s provisions restricting political contributions made to certain candidates for elected offices and barring coordinating...

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