LEGISLATION & REGULATION Political Action Committees I want to start this year off with a little refresher on facts and rules to which you may not be aware, or may have forgotten.
As you all know, running for office is extremely costly. Constituents and political action committees (PACs) open their checkbooks to ensure their political candidate makes it into office and will consider their views before casting a vote. In the Arkansas races, PACs spent more than three-quarters of a million dollars on state Senate and House races alone, according to Arkansas Business. Nationally, BankPAC, ABA’s federal associate PAC, contributed over three million dollars as of November 6. Out of the eleven new members of the Senate, BankPAC contributed to ten of those candidates. Thirty-five of the forty newly elected House members were recipients of BankPAC contributions. BankPAC contributes to carefully chosen candidates with pro-bank platforms or those with financial industry experience, such as the case with Congressman-elect French Hill. Because of the Arkansas Constitutional Amendment stemming from the passage of Issue 3, corporations may not contribute to
candidates. Personal contributions only are acceptable. However, I will pay careful attention to any proposed amendments or rules that pass this session and let you know if a change back to re-allow corporate contributions is on the horizon. As of press time, a shell bill regarding Issue 3 has been filed, so there may be a possibility for a change of that nature, although that change would not be swift. If you are so moved, you may contact your state representative to discuss that matter.
VP / DIRECTOR OF GOVERNMENT RELATIONS AVA FRANKS
Keep in mind that corporations may continue to contribute to ABA PAC. I hope you had the happiest of New Years and are ready for the next session. If you are interested in contacting your state representative during session but do not know where to begin, reach out to me and I will help facilitate that communication. I will be glad to provide talking points, introductions, and whatever else will assist you in reaching your government relations goals. ava.franks@arkbankers.org 501.378.3606 office 501.920.3963 cell
We’re kicking off the new year with logo! a new ABA PAC
2014 ABA Government
relAtions
summit
MARCH 24–26 LINKING PRINCIPLES TO POLICY
Visit aba.com/Summit 12
The Arkansas Banker | January 2015
WAsHinGton, DC
