Legends Bank is seeking to block enforcement of Missouri’s new ethics law, found in Senate Bill 844, which took effect August 28.  Legends Bank and its president filed suit Monday in Cole County Circuit Court citing language that limits the bank’s right to make political donations.  Senate Bill 844 sought to limit politicians’ ability to conceal the source of money by moving it through several political action committees.

Legends Bank claims that in determining which individuals and entities can donate to political action committees, lawmakers appear to have limited the ability of state-chartered banks to donate.   Republican Senate president pro-tem Charlie Shields, who sponsored Senate Bill 844, stated to the St. Louis Post-Dispatch the goal of the bill was never to stop banks or corporations from making political donations and that the disputed language should be fairly easy to fix.

Photo of the Missouri Capitol by RebelAt of English Wikipedia.

This ethics overhaul was a top priority for Nixon and legislative leaders this year. Among the major changes, the new law requires elected officials and candidates to report larger campaign donations within 48 hours. It also gives the bipartisan Missouri Ethics Commission the power to begin investigations on its own, without waiting for a complaint. The law also expands reporting requirements for lobbyists who invite groups of state officials to events. Under this new law, campaign disclosure reports must be filed electronically beginning in January, 2011 and the fines for late reports are increased significantly.