In a recent mailing we noted that the following Democratic presidential candidates are covered under federal pay-to-play rules (i.e., SEC 206(4)-5, MSRB G-37, CFTC 23.451 and FINRA 2030) because they are currently elected state or local officials running for federal office:

  • Mayor Pete Buttigieg, South Bend, Indiana;
  • Mayor Wayne Messam, Miramar, Florida; and
  • Gov. Jay Inslee, state of Washington.

Since then, two additional Democratic candidates who are covered under the rules have announced their candidacy. They are:

  • Gov. Steve Bullock, Montana; and
  • Mayor Bill de Blasio, New York City.

Please note that Montana and New York City also have pay-to-play laws covering certain elected officials in each jurisdiction. However, there are questions as to whether those laws are preempted by the federal election law, which expressly preempts state laws when it comes to contributions made to federal candidates, but does not preempt other federal agency rules, such as the federal pay-to-play rules mentioned earlier.