Senate passes bill limiting Tennessee campaign investments
The state Senate has passed a bill seeking to prevent campaign funds from being invested in private companies. The legislation follows the release of a Tennessee Registry of Campaign Finance audit that found that former Rep. Jeremy Durham loaned $120,000 to a company run by prominent GOP donor Andrew Miller Jr. The bill sponsored by Republican Sen. Doug Overbey of Maryville passed on a 32-1 vote on Monday evening. The measure co-sponsored by Republican Rep. Gerald McCormick of Chattanooga would limit candidate and political campaign committees' investments to banks or credit unions that are members of the Federal Deposit Insurance Corporation. The bill would require any income from campaign investments to be reported on financial disclosure reports. The companion bill is awaiting a vote in a House subcommittee.