The Republican state committees of New York and Tennessee sued the Securities and Exchange Commission, claiming that its rule limiting political donations from investment firms is unconstitutional, Reuters reports.
The committees asserted that the SEC’s Political Contribution Rule violates the right of freedom of speech, as it requires investment advisers to choose between “exercising a First Amendment right and retaining the ability to engage in professional activities,” the two groups wrote in a complaint filed Thursday in Washington federal court, according to Bloomberg News.
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