Lawyer: Lawsuit Contests Ban on Wall Street Cash for State Pols

Two lawyers clashed on Newsmax TV Friday over a lawsuit filed by one that seeks to end a Securities and Exchange Commission ban on political contributions from Wall Street firms to governors and other state officials. 

Jason Torchinsky, a lead attorney in the lawsuit, told "MidPoint" host Ed Berliner that the existing SEC rule means several state-level officials running for office can't take campaign funds that their opponents — many of them U.S. congressional incumbents — are free to accept. 

Story continues below video.



Note: Watch Newsmax TV now on DIRECTV Ch. 349 and DISH Ch. 223
Get Newsmax TV on your cable system – Click Here Now

Torchinsky said the SEC has no business regulating campaign finance because that task belongs with the Federal Elections Commission.

Securities lawyer Gregory Nowak countered that the SEC rule is valid and has withstood similar legal challenges before.

Related Stories:

• Mutual Fund Payments to Brokerages Draw SEC Scrutiny
• Wealthy Donors Give Heavily to the GOP with Expanded Laws