Treasurer candidate says no to bank PAC donations (Northwest Indiana Times)
By Dan CardenINDIANAPOLIS | The likely Democratic nominee for state treasurer says he won't accept campaign donations from bank political action committees.
Pete Buttigieg said Wednesday it is a conflict of interest for the state's chief investment officer to take campaign donations from bank PACs since the treasurer decides which banks hold the state's money.
"Hoosiers should never have to wonder whether decisions made in the treasurer's office about where to place their money are affected by campaign contributions -- and when I am state treasurer, they won't," Buttigieg said.
The treasurer manages more than $7 billion in state assets and investments.
Besides refusing donations from bank PACs, Buttigieg said he will only accept donations made by bank employees up to $2,300, the maximum individual donation allowed in a federal race. If elected, he said he will work with state legislators to enact a ban on donations by bank PACs to future treasurer candidates.
"If a bank gives money and then gets state business, it can create the appearance of a pay-to-play situation," Buttigieg said. "Until we can pass this long-overdue reform, I am going to lead by example and hold myself to this standard, and I invite my opponent to do the same."
A spokesman for state Treasurer Richard Mourdock's re-election campaign had no comment on the offer Wednesday.
Mourdock was nominated by the Republican Party for a second term last Saturday. Buttigieg is unopposed in the race for the Democratic treasurer nomination to be decided this Saturday.
In 2009, Mourdock raised at least $33,700 from bank PACs, including those of JPMorgan Chase, Fifth Third, M&I, National City, Wells Fargo and Old National. Bank PAC donations were about 19 percent of the $175,880.19 he raised in total.
Neither candidate appears to have received any bank PAC money between January and March, according to campaign finance reports. The next quarterly report is due July 15.