Bill > SB69

This bill establishes a "campaign finance bank" within the campaign finance bureau of the office of the secretary of state to track political contributions and expenditures for candidates and political committees, ensuring that all revenue generated is used for the bank's operations and not for private benefit. A "campaign finance bank board," composed of four members appointed by the governor, chief justice, president pro tempore of the senate, and speaker of the house, will govern and manage the bank, with members possessing expertise in finance and serving staggered four-year terms. The bill also amends existing laws to allow the campaign finance bank to be used as a designated bank account for political committees and candidates, clarifies that contributions can be made directly to the campaign finance bank for credit to an account holder's bank account, and requires the campaign finance bureau to review expenditures from these accounts to ensure they comply with campaign finance laws. Additionally, the bill appropriates $500,000 for the fiscal year 2017 to fund the operations of the campaign finance bank and its board.