Finance
State lawmaker hopes to close campaign finance loophole in 2025 legislative session
SIOUX FALLS, S.D. (Dakota News Now) – A South Dakota lawmaker has filed multiple pieces of legislation he says could help address government accountability.
Senate Bill 12 would limit the amount of money that may be loaned to a candidate or a political action committee (PAC).
Sen. Michael Rohl (R) of Aberdeen hopes that the bill will close a loophole in the South Dakota campaign finance world.
“PACs shouldn’t be personal checking accounts for the ultra-wealthy to be able to buy politicians,” Rohl said.
Currently, South Dakota law limits contributions to a candidate and a PAC at $1,000 and $10,000 respectively.
However, the state allows unlimited loans, which can be forgiven as bad debt.
“We don’t have campaign finance laws in South Dakota. We just have them for people that are everyday citizens that are trying to follow the spirit of the law, but the bad actors don’t have to follow them,” Rohl said.
Rohl wants to limit the loans to the $1,000 and $10,000 figures that are used for contributions.
In the midst of several fraud investigations amongst state employees, Senator Rohl says accountability in all parts of government is desperately needed.
“I think politicians for a long time have been saying we want to have more transparency in government, but nothing seems to happen so I’m drafting legislation and trying to be true to what I told people I represent I would do.”
But Rohl is very prepared for a lot of pushback.
“There’s going to be some opposition to it and there’s going to be opposition for the very reason that it needs to go away, and that’s because people are going to be afraid to make their donors mad,” said Rohl.
The Aberdeen senator also filed Senate Bill 11, which limits the amount of money that a political committee may accept from an inactive candidate campaign committee.
The 100th legislative session starts on January 14th.
Copyright 2025 Dakota News Now. All rights reserved.
Finance
Delayed by traffic congestion, finance executive collapses at Lucknow airport, dies
A 46-year-old finance executive died after collapsing at Chaudhary Charan Singh International Airport in Lucknow late on Friday, officials said on Sunday.
Anup Kumar Pandey, employed with a multinational beverage corporation, suddenly fell ill in the airport’s parking area shortly after arriving to board a flight to Delhi. Airport staff rushed him to Lok Bandhu Hospital, where doctors declared him dead.
“Initial findings suggest a heart attack, but the exact cause will be confirmed after the autopsy report,” said Sarojini Nagar station house officer Ramdev Ram Prajapati. The autopsy was conducted on Sunday.
According to officials, Pandey left Kanpur for Lucknow by car but was delayed due to traffic congestion on the route to the airport.
Pandey, originally from Kalyanpur in Kanpur, was living in Bengaluru with his wife, son and daughter. He had travelled to Kanpur five days earlier to attend a cremation ceremony.
The family said the fear of missing his flight caused significant stress, and he was rushing inside the airport when his condition deteriorated, causing him to collapse. Police said Pandey was going to board an Air India flight and not IndiGo, which has been hit by a spate of cancellations in recent days.
“At about 10:10 hrs, a passenger named Anup Kumar Pandey, travelling by flight AI-1821, Lucknow to Delhi, suddenly lay down on the ground. The family was informed, and the post-mortem examination was conducted on Sunday after his relatives reached Lucknow,” said ACP Krishna Nagar Rajneesh Verma.
According to the family, he was scheduled to return to Bengaluru via Delhi on the 10.30pm flight.
Police arrived at the spot soon after and initiated legal formalities.
His brother Anil, who arrived from Kanpur, was present during the post-mortem.
With frequent flight cancellations over the weekend, Pandey’s wife and children are travelling from Bengaluru to Lucknow by road.
Finance
The Supreme Court Looks At Eliminating A 50-Year-Old Rule
The Supreme Court has steadily loosened campaign finance rules in a series of decisions ever since Chief Justice John Roberts was confirmed in 2005. They will look to go further on Tuesday, when the court hears arguments in a case challenging the 50-year-old limits placed on coordinated spending between parties and candidates.
In NRSC v. Federal Election Commission, a Republican campaign committee is challenging limits placed on how much money political parties can spend in direct coordination with candidates. Those limits, which were put in place in the Federal Election Campaign Act of 1971, were intended as a companion to other rules on how much individuals can contribute to individual campaigns, preventing deep-pocketed contributors from using donations to parties as a work-around to those limits. The current limits on how much a party can spend in coordination with a specific candidate vary, from $63,600 for most House races up to $3.9 million for Senate races in California and even more for presidential candidates.
The case stems from Vice President JD Vance’s 2022 Senate campaign in Ohio. During the primary, Vance’s fundraising lagged behind his GOP opponents and he relied on outside spending from billionaire Peter Thiel to push him over the top. He continued to struggle to raise money in the general election against Democratic Rep. Tim Ryan. (Vance eventually won.) And so, the National Republican Senatorial Committee, the chief political committee for GOP Senate candidates, and Vance brought suit to allow the party to spend unlimited sums in direct coordination with their candidate, arguing the coordination limits infringed on core First Amendment rights for political speech.
Lawyers for the NRSC argue that the limits in question block constitutionally protected political speech and do not prevent corruption or its appearance. Since “no one seriously claims that parties are trying to bribe their candidates,” the limits have been defended and upheld in the past as preventing “quid pro quo-by-circumvention,” the NRSC brief states. But this justification was ruled out-of-bounds in the court’s 2014 decision in McCutcheon v. FEC and so the party coordination limits should be struck down, the brief argues.
Indeed, preventing the circumvention of contribution limits is at the heart of the coordinated spending limits. If a political party can raise nearly $1 million from a single donor who wants to spend that on a particular candidate, the party can effectively contribute that $1 million — or more — to the candidate’s campaign by funding, for example, their advertisements as a coordinated expenditure. Since candidates are limited to raising $3,500 per election from a single donor, this would be a major way to circumvent those limits, which are at the heart of campaign finance regulation.
Michael Conroy via Associated Press
Each lower court that heard the case rejected the NRSC’s arguments, following the Supreme Court’s 2001 precedent in FEC v. Colorado Republican Federal Campaign Committee that upheld the limits. There, in a 5-4 decision written by then-Justice David Souter, the court ruled that “a party’s coordinated expenditures, unlike expenditures truly independent, may be restricted to minimize circumvention of contribution limits.” But the Supreme Court took up the case and now could upend campaign finance law yet again.
The court has upheld candidate contribution limits as constitutional since 1976, so it would be logical for them to prevent their circumvention — particularly as it has become easier for parties to raise the kind of large contributions that the candidate limits are meant to protect against. But that hasn’t held the court back in the past.
Since the court last heard a case challenging coordinated party spending limits, its composition has changed dramatically — and so has its campaign finance jurisprudence. In the years since 2001, the court’s conservative bloc has grown from five to six with no real moderates among them. And with the retirement of Sandra Day O’Connor in 2006, the court lost its last member with any experience running for office or working on a political campaign.
It has also issued decision after decision gutting federal and state campaign finance laws. The most prominent of these is 2010’s Citizens United v. FEC, a decision that enabled corporations, unions and nonprofits to spend unlimited sums on independent campaign expenditures. But there are more, including the McCutcheon decision that invalidated aggregate contribution limits that put a cap on how much money a single donor could contribute in total in one election cycle.
These campaign finance decisions have largely been based on a repeated misunderstanding of how candidates and parties use money in elections. In each case, the court’s decisions loosening campaign finance restrictions have led to massive unintended — at least according to the court’s writings — consequences, such as an increase in undisclosed campaign money and illegal foreign donations and the circumvention of party contribution limits.
There’s no reason to think that won’t happen here.
“This case needs to be looked at in the context of the court’s now-two-decade run of substituting its own judgment for that of voters and Congress on campaign finance,” said Daniel Weiner, a campaign finance law expert for the Brennan Center for Justice, a left-leaning nonprofit.
In Citizens United, then-Justice Anthony Kennedy, who wrote the majority opinion, explained his decision by stating that “independent expenditures, including those made by corporations, do not give rise to corruption or the appearance of corruption.” That has proved wildly inaccurate as the corruption convictions of North Carolina insurance executive Greg Lindberg and former Ohio House Speaker Larry Householder (R) and the 2015 indictment of then-Sen. Robert Menendez (D-N.J.) all involved corrupting contributions made through outside groups making independent expenditures. (Menendez was later convicted of accepting bribes and acting as a foreign agent in a separate case in 2024.)

Manuel Balce Ceneta via Associated Press
Kennedy also promised that, thanks to the internet and disclosure laws, corporations or others spending unlimited sums on independent expenditures could be held accountable by the public. But Citizens United enabled a radical decrease in the transparency of campaign spending as “dark money” nonprofits, which do not disclose their donors, became significant political spenders. These groups now make up a growing percentage of donors to super PACs. Though super PACs do have to disclose their donors, that does not trickle down to requiring disclosures of the donors to those donors — making the true origin of a large portion of election funding completely opaque.
Similarly, the notion that independent expenditures are truly independent from candidates or parties has proved to be completely inaccurate. The largest-spending outside groups are those directly connected to party leaders or staffed by close aides to the candidates they support. Candidates provide information, like b-roll and directions on what messages to use in advertising for outside groups, on their websites or surreptitiously on social media. And in 2024, the FEC ruled that supposedly independent groups may directly coordinate with parties and candidates on get-out-the-vote operations. Billionaire Elon Musk went on to do exactly this with the Trump campaign and earned a plum spot in the White House for his efforts.
In the McCutcheon case, the court’s decision was largely rooted in naive expectations of how political parties would act once aggregate limits were eliminated. The aggregate contribution limits capped the total amount a donor could give in any one election, among all political parties and candidates. The intent was, like the coordinated spending limits, to prevent corruption and work-arounds of the candidate limits.
A key argument in the case was that, absent the aggregate limits, political parties could create a joint fundraising committee that linked all 50 state parties together with the national party and allowed them to easily shift money donated in one state to support a candidate elsewhere. During oral arguments, Alito called these “wild hypotheticals.”
Then-Justice Antonin Scalia wrote for the majority: “The Government provides no reason to believe that many state parties would willingly participate in a scheme to funnel money to another State’s candidates.”
But that’s exactly what happened. Beginning with Hillary Clinton’s presidential campaign in 2016, every presidential campaign has created a super joint fundraising committee that then redirects contributions made to non-swing-state parties toward state parties in swing states or back to the national party.
While the party coordination limits seem to present less of an opportunity for the court to cause severe unintended consequences with another uninformed decision, there are a couple of things to keep in mind.
First and foremost, coordinated spending is done almost entirely in the form of advertising: The candidate designs an ad and plans when and where to run it, and the party foots the bill. But this could have unintended downstream consequences for television stations, which are required to provide candidates with the lowest unit price for campaign ads in the run-up to an election. Neither parties nor outside groups receive this benefit.

J. Scott Applewhite via Associated Press
If parties can suddenly subsidize candidate ads, television stations could be put under financial strain as they lose money that they previously received from higher charges on party advertising. This is an argument made by lawyers for the Democratic National Committee, who have entered the case to defend the limits.
“Broadcasters across the country will face significant increases in advertisements that purport to qualify for lowest unit rates, thereby inflicting a substantial financial strain upon them,” the DNC’s brief states.
This is likely to lead broadcasters to challenge rules that interpret coordinated spending as coming from the candidate and therefore receiving the lowest unit rate, according to Marc Elias, the lead lawyer for the DNC.
“This will have commercial impacts outside of the campaign finance world,” Elias said.
And then there are the unintended consequences that may flow within the campaign finance world.
By eliminating the aggregate limits, the McCutcheon decision opened the door for parties to collect massive contributions from single donors through super joint fundraising committees. In 2024, the maximum contribution to Vice President Kamala Harris’ joint fundraising committee was $929,600 for a single donor. Most of that money wound up with the Democratic National Committee or its state parties, which then circumvented contribution limits by routing that money to swing state committees.
If the court does end the coordinated spending limits, it will lead to a mass circumvention of the candidate limits — just as the McCutcheon decision did for party limits. And, as the unintended consequences of McCutcheon now flow into the NRSC case, so too would the circumvention of candidate limits lead toward their ultimate elimination.
There may be reasonable policy reasons to support ending or raising the coordinated spending limits, as the Brennan Center’s Weiner has advocated. In a world where single billionaires like Musk can spend unlimited amounts to directly coordinate with candidates through super PACs, it would be better for political parties, which are rooted in mass democracy and governance, to be on an equal, if not supreme, footing.
But that should be done by Congress, Weiner argues, not the Supreme Court — which time and time again has shown it does not understand how political campaigns work.
“The ultimate question is who should decide,” Weiner said. “I think it should be Congress that decides. We think of that as a fundamental principle. This is not something within the constitutional competence or, frankly, the expertise of the Supreme Court to make this call.”
Finance
New York Schools To Teach Personal Finance Starting In Fourth Grade
New York State public schools are adding brand new subjects in 2026, which some are saying a very long overdue. Personal finance is not only going to be a subject, but it is going to be a curriculum for the kids in New York State Public High Schools starting next year.
How much debt are you in?
The average credit card debt per household is about 7,000 dollars. Of course, you can sign up for one nearly on your way out of high school at the age of 18 years old. You have never learned this very real-life, important skill of finance and how to use a credit card. That is why there is such a outcry from people to teach kids personal finance in schools so kids can have an understanding more of what they are dealing with once they leave high school at 18 years old.
Now, the learning will not just be for high schools. It will be more of a focus as kids get older, but personal finance will begin being taught in 4th grade.
The change will start immediately. According to the Times Union:
The board decided not to require a stand-alone course. Instead, students must learn some of the topics by the time they finish middle school and address it again before high school graduation. Beginning in the 2027-28 school year, students will also have to be introduced to the topic by the end of fourth grade.
5 Things To Do To Force Yourself Into Feeling Festive In WNY
Gallery Credit: Brett Alan
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