In late 2009 I noted that the financial regulatory reform bill that the House considered includes a measure on political contributions by municipal financial advisers (page 1443(!) of HR 4173). Did it make the Senate version‘s of financial regulatory reform (S. 3217)?
The Securities and Exchange Commission is considering a rulemaking the Commission initiated in August 2009, Political Contributions by Certain Investment Advisers, and the notice is available here. Comments are available here.
Senator Dodd commented on the rules here and mentions how he would approach an aspect of a related issue.
Section 1027 of S. 3217 as passed by the Senate provides, referring to limitations on the Bureau of Consumer Financial Protection,
(1) IN GENERAL — The Director and the Bureau may not exercise any rulemaking, supervisory, enforcement, or other authority, including authority to order penalties, over any activities related to the solicitation or making of voluntary contributions to a tax-exempt organization as recognized by the Internal Revenue Service, by any agent, volunteer, or representative of such organizations to the extent the organization, agent, volunteer, or representative thereof is soliciting or providing advice, information, education, or instruction to any donor or potential donor relating to a contribution to the organization.
(2) LIMITATION.—The exclusion in paragraph (1) does not apply to other activities not described in paragraph (1) that are the offering or provision of any consumer financial product or service, or are otherwise subject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H.
The section is titled, “EXCLUSION FOR ACTIVITIES RELATING TO CHARITABLE CONTRIBUTIONS.—.”