Bill Text: NJ S612 | 2010-2011 | Regular Session | Introduced
Bill Title: Prohibits political contributions by persons or businesses investing or rendering advice regarding investment of certain State funds.
Sponsorship: Partisan Bill (Republican 3)
Status: (Introduced - Dead) 2010-01-12 - Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee [S612 Detail]
Download: New_Jersey-2010-S612-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Senator THOMAS GOODWIN
District 14 (Mercer and Middlesex)
Senator BILL BARONI
District 14 (Mercer and Middlesex)
Co-Sponsored by:
Senator Ciesla
SYNOPSIS
Prohibits political contributions by persons or businesses investing or rendering advice regarding investment of certain State funds.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act prohibiting political contributions by persons or businesses investing or rendering advice regarding investment of certain State funds and supplementing P.L.1950, c.270 (C.52:18A-79 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of any other law to the contrary, a person or business entity that seeks to contract or contracts to invest or reinvest, if permitted by statute, or to render advice in regard to the investment or reinvestment of, funds which are the responsibility of the Division of Investment in the State Department of the Treasury shall not, at any time between the commencement of negotiations for that contract and the later of the completion of performance thereunder or the termination of negotiations for the contract make a contribution in the form of moneys, loans, paid personal services or other things of value to a candidate committee, joint candidates committee, political party committee, legislative leadership committee, political committee, or continuing political committee, other than a political committee or continuing political committee organized solely for the purpose of advocating the passage or defeat of a public question.
As used in this section, "business entity" means any business corporation, professional services corporation, limited liability company, partnership, or limited partnership, organized under the laws of this State or of any other state or foreign jurisdiction.
2. This act shall take effect immediately.
STATEMENT
The purpose of this bill is to eliminate the actuality or appearance of corruption which could arise if individuals or businesses which contract with the State to invest, or to render advice regarding the investment of, State funds, including the funds of State-administered retirement systems, were permitted to make political contributions. The bill would prohibit a person or business entity that seeks to contract, or contracts, to invest or reinvest, or to render advice regarding the investment or reinvestment of funds which are the responsibility of the Division of Investment, between commencement of negotiations for the contract and the later of completion of the contract or the termination of negotiations for the contract, from contributing to a candidate committee, joint candidates committee, political party committee, legislative leadership committee, political committee, or continuing political committee (other than a political committee or continuing political committee organized solely for the purpose of advocating the passage or defeat of a public question).
