Bill Text: NJ A368 | 2014-2015 | Regular Session | Introduced
Bill Title: Limits political contributions by hedge funds and private equity funds that invest in casinos or in which State funds are invested.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2014-01-16 - Introduced, Referred to Assembly Tourism, Gaming and the Arts Committee [A368 Detail]
Download: New_Jersey-2014-A368-Introduced.html
STATE OF NEW JERSEY
216th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2014 SESSION
Sponsored by:
Assemblyman RALPH R. CAPUTO
District 28 (Essex)
Assemblyman JOHN J. BURZICHELLI
District 3 (Cumberland, Gloucester and Salem)
SYNOPSIS
Limits political contributions by hedge funds and private equity funds that invest in casinos or in which State funds are invested.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act limiting political contributions by certain hedge funds and private equity funds and supplementing various parts of the statutory law.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. No hedge fund or private equity fund, nor any manager of such a fund, shall directly or indirectly, pay or contribute any money or thing of value to any candidate for nomination or election to any public office in this State, or to any committee of any political party in this State, or to any group, committee or association organized in support of any such candidate or political party, if that fund holds any securities or debt of an applicant for or holder of a casino license, or of any holding, intermediary or subsidiary company thereof. As used in this section, "hedge fund or private equity fund" shall have the meaning provided by 12 U.S.C. §1851(h)(2).
2. The Division of Investment in the State Department of the Treasury shall not invest public funds in any hedge fund or private equity fund that has made a political contribution that would make a business entity ineligible to enter into a contract or agreement with the State pursuant to P.L.2005, c.51 (C.19:44A-20.13 et seq.) and a hedge fund or private equity fund in which the State invests public funds shall be subject to all of the restrictions on the making of political contributions applicable to a business entity that contracts with the State pursuant to that act. As used in this section, "hedge fund or private equity fund" shall have the meaning provided by §12 U.S.C. §1851(h)(2).
3. This act shall take effect immediately and shall apply to political contributions made thereafter.
STATEMENT
This bill would subject a hedge fund or private equity fund that invests in, or holds any debt of, a casino to the same limitations on making political contributions that apply under existing law to applicants for, or holders of, a casino license. It would also provide that the Division of Investment in the State Department of the Treasury will not invest public funds in any hedge fund or private equity fund that has made a political contribution that would make a business entity ineligible to enter into a contract or agreement with the State pursuant to N.J.S.A.19:44A-20.13 et seq. (the "pay-to-play law) and a hedge fund or private equity fund in which State invests public funds will be subject to all of the restrictions on the making of political contributions applicable to a business entity that contracts with the State pursuant to that act.
