In theory the campaign contribution limits are voluntary (in that one could accept the potential loss of government advisory business that arises from non-compliance and move on), but the practical impact of the rule has been dramatic. Many large investment adviser firms now ban state and local political contributions by their employees altogether. Even when contributions are permitted, employees often opt out, in part because reporting personal political activity at the office is awkward and in part because contributions can become a de facto blocker when interviewing with a new firm (certain contributions taint the firm even when made by an employee prior to joining). To date, the rule has received little scrutiny - or even notice - outside the thousands of investment adviser firms affected by it. That appears poised to change.
Political Contribution Rules for Investment Advisers: A Question of Constitutionality | Bloomberg BNA
