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SEC Commissioner Says Political Contributions Ban Violates First Amendment

9/9/2026

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Summary

Story summary

SEC Commissioner Mark T. Uyeda said the blanket ban on political contributions violates advisers’ First Amendment rights.
The rule, enacted 16 years ago, has produced only a handful of penalties.
Private-equity spending rose in 2024 and shifted toward Republican-aligned firms, prompting the proposed rule change.
Axios reported the rule was deliberately broad to help prosecutors prove quid pro quo violations.

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Story summary

SEC Commissioner Mark T. Uyeda said the blanket ban on political contributions violates advisers’ First Amendment rights.
The rule, enacted 16 years ago, has produced only a handful of penalties.
Private-equity spending rose in 2024 and shifted toward Republican-aligned firms, prompting the proposed rule change.
Axios reported the rule was deliberately broad to help prosecutors prove quid pro quo violations.