California Treasurer John Chiang announced that municipal finance firms seeking state business will be required to certify that they do not make contributions to bond election campaigns. Firms that fail to provide the certification will be suspended from the state’s pool of acceptable underwriters.

The new requirement aims to stop pay-to-play deals where municipal finance firms offer to fund or provide campaign services in exchange for contracts.

Photo of John Chiang by State of California on Wikimedia Commons.