NASHVILLE, Tenn. (AP) – A bill to prevent campaign funds from being invested in private companies is headed for Republican Gov. Bill Haslam’s desk.
The legislation was introduced following reports that expelled Rep. Jeremy Durham heavily invested campaign funds in a company owned by prominent GOP donor Andy Miller Jr.
The House on Monday voted 95-0 in favor of the bill sponsored by Republican Rep. Gerald McCormick of Chattanooga. The Senate earlier passed its version 32-1.
The bill would limit candidate and political campaign committees’ investments to banks or credit unions that are members of the Federal Deposit Insurance Corporation. It would also require any income from campaign investments to be reported on financial disclosure reports.
Durham has until May 1 to respond to a state audit of his campaign finances.