HOUSE BILL REPORT

SB 5780

BYSenators Bottiger and Hayner

Authorizing diversified investment of campaign funds.

House Committe on Constitution, Elections & Ethics

Majority Report:  Do pass.  (6)

      Signed by Representatives Fisher, Chair; Pruitt, Vice Chair; Amondson, Barnes, Fisch and Leonard.

House Staff:Kenneth Hirst (786-7105)

AS PASSED HOUSE APRIL 17, 1987

BACKGROUND:

The state's public disclosure statutes require monetary contributions received by a candidate or political committee governed by those statutes to be deposited in a campaign depository.  However, those statutes do not prohibit the candidate or committee from investing funds from the campaign depository in bonds, certificates, savings accounts, or instruments in financial institutions.  If the funds are so invested, the Public Disclosure Commission and county elections officer must be notified in writing of the initiation and termination of the investment.  When the investment is terminated, the principal and any income derived from the investment must be deposited in the campaign depository and properly reported to the commission and the county elections officer.

SUMMARY:

The public disclosure statutes do not prohibit a candidate or political committee from investing funds from the campaign depository in certain tax-exempt securities or in various instruments in mutual funds.  The reporting and other requirements of current law regarding the investment of funds from campaign depositories applies to these investments as well.

Fiscal Note:      Not Requested.

House Committee ‑ Testified For:    None Presented.

House Committee - Testified Against:      None Presented.

House Committee - Testimony For:    None Presented.

House Committee - Testimony Against:      None Presented.