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Montana GOP, Busse file campaign finance complaints • Daily Montanan

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Montana GOP, Busse file campaign finance complaints • Daily Montanan

The Montana GOP said the Democratic candidate for governor is illegally spending money on his wife’s communications company — but Democrat Ryan Busse, challenging the Republican incumbent, alleges Gov. Greg Gianforte improperly funneled $1 million to his campaign manager’s companies.

Both candidates deny the allegations in the respective complaints filed this month with the Commissioner of Political Practices.

Busse claims Gianforte paid campaign manager Jake Eaton and other staff affiliated with the campaign more than $1 million through Eaton’s companies. The payments are disclosed in financial reports, but the Busse campaign says they violate the law against “secret pass-through payments.”

Gianforte campaign spokesperson Anna Marian Block said in a statement Friday the campaign is in full compliance with the law.

“This complaint is nothing more than a desperate attempt to distract voters from the fact that Ryan Busse is trailing in the polls by 21%,” Block said.

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Meanwhile, the Montana Republican Party alleges the Busse campaign allocated several thousand dollars to his wife’s communications company in violation of a law prohibiting surplus funds going to candidates for “personal benefit,” which includes family members.

In a response filed Friday, Busse’s campaign called the complaint “utterly meritless” and said contrary to the allegations, the communications work is being done by an experienced professional and legally must be compensated.

Busse: Gianforte isn’t disclosing payments to staff for campaign work

Eaton owns consulting firm The Political Company as well as political sign printing shop and marketing firm Ultra Graphics, both in Billings. The Busse campaign’s complaint, filed Friday, lists more than 25 payments from Gianforte’s campaigns to both companies between March and June of this year. The campaign says Gianforte should have made those payments to Eaton personally, instead of through his companies, for his consulting work.

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Eaton noted in his email Friday political parties can submit expenditures for campaigns and noted the Montana Republican State Central Committee report is where the expenses for staff are listed, including his own. The committee’s report for the first quarter of the year notes The Political Company was paid three installments of $12,500, as well as salaries for staff listed in the complaint.

The complaint, authored by Busse staffer Emily Harris, said the Gianforte campaign has previously this election cycle tried to sidestep accountability for including false information about immigration in an ad. After taking the ad down, the campaign told Montana’s ABC/Fox affiliate the ad was done by an “outside contractor”and the campaign decided to remove it. Busse’s camp is claiming the ad was created by Eaton’s company, basing that off the time of the ad and when it was published.

Busse’s complaint also claims it is implausible Gianforte raised $1.2 million from when he officially became a candidate in January, but doesn’t point to concrete evidence Gianforte started raising money prior to becoming a candidate other than campaign contribution amounts being suspicious. Busse believes because the donations were all the same amount and at the maximum amount that could be donated by one person at a time, $2,240, it raises concern as it doesn’t match donation amounts from in person events which were around $100.

Harris wrote Gianforte started campaign activities earlier than is legally allowed as an internal poll came out days after he officially became a candidate, but also made the claim on “information and belief.”

The complaint also listed a number of staffers that claim through social media as well as in news reports to be affiliated with the campaign, but are not included in the expenditures for the campaign.

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Harris also listed more than 20 expenditures from Gianforte’s campaign saying the descriptions were too vague and did not comply with the same statute referenced in the complaint against Busse for signs and media placement.

The Busse campaign also said money “passed through Eaton’s companies goes to other Republican-aligned vendors—payments Gianforte conceals from his reporting.” The complaint did not list which vendors, though.

GOP: Busse giving campaign funds to wife for communications work

The complaint from the state GOP, signed June 14, says Busse’s campaign paid Aspen Communications, owned by Sarah Swan Busse, a total of just more than $12,000 for communications and fundraising consulting, as well as car mileage. Sara Swan Busse is Ryan Busse’s wife.

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The complaint also said candidate Busse receives a salary from Aspen Communications, which the campaign refutes as not affiliated with the election.

But because the salary would directly benefit Busse and his wife, the GOP alleges Busse is in violation of state law that prohibits surplus campaign funds from directly benefiting candidates or their family members.

The Busse campaign, in a response authored by campaign manager Aaron Murphy, said Sara Busse is an “independent experienced professional” and her work legally must be compensated fairly.

It listed her experience in the field working on western district democratic candidate Monica Tranel’s Congressional campaign during the 2022 election cycle.

The Busse camp also said the statute cited by the GOP regarding personal benefit from campaign funds isn’t relevant as it concerns how funds are dealt with after the campaign, not during. Murphy wrote the GOP likely meant to cite an administrative rule saying candidates cannot use campaign funds for personal use, but he said the campaign didn’t break that rule either.

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“All expenditures and reimbursements to Sara Busse and Aspen Communications are directly connected to her fundraising and communications work for the campaign—they support the campaign and would not exist without it,” the response read.

“The campaign’s contract with Aspen Communications is not to compensate Ryan Busse. Ryan Busse receives no compensation from the campaign (excluding reimbursements for mileage, etc.),” the response read. “Ryan Busse’s occasional work for Aspen Communications, as listed on his personal disclosure, is entirely separate and distinct from the campaign.”

Murphy also said if hiring spouses was at issue, it would call into question the ethics of the state paying attorney Emily Jones, wife of Gianforte’s campaign manager Jake Eaton, for her work as an attorney with the state.

The GOP complaint also said Busse’s campaign was not thorough in its description of the services paid for with campaign funds, as is required in statute.

This included a $250,000 ad buy from media strategy company Left Hook with the description “statewide broadcast tv ad buy” and a nearly $7,800 purchase from progressive campaign sign producer Blue Deal with the description “signs.”

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Montana Commissioner of Political Practices Chris Gallus said the timeline for determining whether his office will move forward with a formal investigation in the complaint against Busse is not known at this time. His office will send a letter Monday requesting Gianforte’s response to the complaint by Busse.

Editor’s Note: the headline of this story was amended to reflect the Montana GOP filing the campaign finance complaint against Ryan Busse.

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3 finance stocks to buy on rising 10-year Treasury rates

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3 finance stocks to buy on rising 10-year Treasury rates
The Federal Reserve gave investors an early Christmas present by lowering interest rates by 25 basis points (i.e., 0.25%) marking its third rate cut this year. In the past, a change like this in the “long end” of the interest rate yield curve has triggered a predictable, investable pattern. Typically, this pattern would be bearish for finance stocks, particularly banks—investors would buy bank stocks when rates rose and sell them as rates fell….
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Reservists’ families protest outside Finance Minister’s home

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Reservists’ families protest outside Finance Minister’s home

Dozens of protesters from the “Religious Zionist Reservists Forum” and the “Shared Service Forum” demonstrated Saturday evening outside the home of Finance Minister Bezalel Smotrich in Kedumim.

The protesters arrived with a direct and pointed message, centered on a symbolic “draft order,” calling on Smotrich to “enlist” on behalf of the State of Israel and oppose what they termed the “sham law” being advanced by MK Boaz Bismuth and the Knesset’s haredi parties.

Among the protesters in Kedumim were the parents of Sergeant First Class (res.) Amichai Oster, who fell in battle in Gaza. Amichai grew up in Karnei Shomron and studied at the Shavei Hevron yeshiva.

Protesters held signs reading: “Smotrich, enlist for us,” along with the symbolic “draft order,” calling on him to “enlist for the sake of the State’s security and to save the people’s army – stand against the bill proposed by Bismuth and the haredim!”

Parallel demonstrations were held outside the homes of MK Ohad Tal in Efrat and MK Michal Woldiger in Givat Shmuel.

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Representatives of the “Shared Service Forum” said: “We are members of the public that contributes the most, and we came here to say: Bezalel, without enlistment there will be no victory and no security. Do not abandon our values for the sake of the coalition. The exemption law is a strategic threat, and you bear the responsibility to stop it and lead a real, fair draft plan for a country in which we are all partners. It’s in your hands.”

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Banking on carbon markets 2.0: why financial institutions should engage with carbon credits | Fortune

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Banking on carbon markets 2.0: why financial institutions should engage with carbon credits | Fortune

The global carbon market is at an inflection point as discussions during the recent COP meeting in Brazil demonstrated. 

After years of negotiations over carbon market rules under Article 6 of the Paris Agreement, countries are finally moving on to the implementation phase, with more than 30 countries already developing Article 6 strategies. At the same time, the voluntary market is evolving after a period of intense scrutiny over the quality and integrity of carbon credit projects.

The era of Carbon Markets 2.0 is characterised by high integrity standards and is increasingly recognised as critical to meeting the emission reduction goals of the Paris Agreement.

And this ongoing transition presents enormous opportunities for financial institutions to apply their expertise to professionalise the trade of carbon credits and restore confidence in the market. 

The engagement of banks, insurance companies, asset managers and others can ensure that carbon markets evolve with the same discipline, risk management, and transparency that define mature financial systems while benefitting from new business opportunities.

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Carbon markets 2.0

Carbon markets are an untapped opportunity to deliver climate action at speed and scale. Based on solutions available now, they allow industries to take action on emissions for which there is currently no or limited solution, complementing their decarbonization programs and closing the gap between the net zero we need to achieve and the net zero that is possible now. They also generate debt-free climate finance for emerging and developing economies to support climate-positive growth – all of which is essential for the global transition to net zero.

Despite recent slowdowns in carbon markets, the volume of credit retirements, representing delivered, verifiable climate action, was higher in the first half of 2025 than in any prior first half-year on record. Corporate climate commitments are increasing, driving significant demand for carbon credits to help bridge the gap on the path to meeting net-zero goals.

According to recent market research from the Voluntary Carbon Markets Integrity initiative (VCMI), businesses are now looking for three core qualities in the market to further rebuild their trust: stability, consistency, and transparency – supported by robust infrastructure. These elements are vital to restoring investor confidence and enabling interoperability across markets.

MSCI estimates that the global carbon credit market could grow from $1.4 billion in 2024 to up to $35 billion by 2030 and between $40 billion and $250 billion by 2050. Achieving such growth will rely on institutions equipped with capital, analytical rigour, risk frameworks, and market infrastructure.

Carbon Markets 2.0 will both benefit from and rely on the participation of financial institutions. Now is the time for them to engage, support the growth and professionalism of this nascent market, and, in doing so, benefit from new business opportunities.

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The opportunity

Institutional capital has a unique role to play in shaping the carbon market as it grows. Financial institutions can go beyond investing or lending to high-quality projects by helping build the infrastructure that will enable growth at scale. This includes insurance, aggregation platforms, verification services, market-making capacity, and long-term investment vehicles. 

By applying their expertise and understanding of the data and infrastructure required for a functioning, transparent market, financial institutions can help accelerate the integration of carbon credits into the global financial architecture. 

As global efforts to decarbonise intensify, high-integrity carbon markets offer financial institutions a pathway to deliver tangible climate impact, support broader social and nature-positive goals, and unlock new sources of revenue, such as:

  • Leveraging core competencies for market growth, including advisory, lending, project finance, asset management, trading, market access, and risk management solutions.
  • Unlocking new commercial pathways and portfolio diversification beyond existing business models, supporting long-term growth, and facilitating entry into emerging decarbonisation-driven markets.
  • Securing first-mover advantage, helping to shape norms, gain market share, and capture opportunities across advisory, structuring, and product innovation.
  • Deepening client engagement by helping clients navigate carbon markets to add strategic value and strengthen long-term relationships.

Harnessing the opportunity

To make the most of these opportunities, financial institutions should consider engagements in high-integrity carbon markets to signal confidence and foster market stability. Visible participation, such as integrating high-quality carbon credits into institutional climate strategies, can help normalise the voluntary use of carbon credits alongside decarbonisation efforts and demonstrate leadership in climate-aligned financial practices.

Financial institutions can also deliver solutions that reduce market risk and improve project bankability. For instance, de-risking mechanisms like carbon credit insurance can mitigate performance, political, and delivery risks, addressing one of the core challenges holding back investments in carbon projects. 

Additionally, diversified funding structures, including blended finance and concessional capital, can lower the cost of capital and de-risk early-stage startups. Fixed-price offtake agreements with investment-grade buyers and the use of project aggregation platforms can improve cash flow predictability and risk distribution, further enhancing bankability.

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By structuring investments into carbon project developers, funds, or the broader market ecosystem, financial institutions can unlock much-needed finance and create an investable pathway for nature and carbon solutions.

For instance, earlier this year JPMorgan Chase struck a long-term offtake agreement for carbon credits tied to CO₂ capture, blending its roles as investor and market facilitator. Standard Chartered is also set to sell jurisdictional forest credits on behalf of the Brazilian state of Acre, while embedding transparency, local consultation, and benefit-sharing into the deal. These examples offer promising precedents in demonstrating that institutions can act not only as financiers but as integrators of high-integrity carbon markets.

The institutions that lead the growth of carbon markets will not only drive climate and nature outcomes but also unlock strategic commercial advantages in an emerging and rapidly evolving asset class.

However, the window to secure first-mover advantage is narrow: carbon markets are now shifting from speculation to implementation. Now is the moment for financial institutions to move from the sidelines and into leadership, helping shape the future of high-integrity carbon markets while capturing the opportunities they offer.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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