Harwell, Haslam back new rules on investing campaign funds

House Speaker Beth Harwell says she’s having legislation drafted to put some rules in place for legislators investing campaign funds in private companies, reports The Tennessean. Gov. Bill Haslam says he’d support additional disclosure of investments.

This comes as the Registry of Election Finance is investigating former state Rep. Jeremy Durham’s investment of campaign money in a company owned by Andy Miller, a well-known GOP donor who’s given money to Durham in the past.

“The governor believes it is good policy to disclose campaign investments just like personal disclosures made annually to the Tennessee Ethics Commission,” said spokeswoman Jennifer Donnals. The personal disclosures require public officials to report any investments worth $10,000 or more.

Harwell, R-Nashville, state Sen. Doug Overbey, R-Marvylle, and Rep. Cameron Sexton, R-Crossville, said separately there should be more transparency and regulations when Tennessee public officials invest their campaign funds.

“I do not personally believe campaign contributions should be invested in private companies. I have directed our legal staff to research these issues and work with the Registry of Election Finance to identify the best remedy, so that legislation can be introduced to address it,” Harwell said in an email Monday.

“I believe in and support full disclosure and transparency in our campaign finance reports, and will always support legislation to that end. We should always strive to keep up to date on best practices, and I will be supportive of legislation seeking to address increased transparency or regulations on gift-giving or investments.”

…Lt. Gov. Ron Ramsey, R-Blountville, agreed there should be more transparency but didn’t go as far as to suggest legislation.
“I think it is entirely appropriate that we require full disclosure of a campaign’s investments and interests, just as we do for personal interests and investments,” the retiring lawmaker said.

“While investments in campaign accounts should be permissible, they should be limited to investments that are public and available to all — publicly-traded stocks, mutual funds, certificates of deposit, etc. — to eliminate even the appearance of undue influence.”