By TRAVIS LOLLER / Associated Press
NASHVILLE, Tenn. (AP) -- A bill that would have done away with the reporting requirements for direct corporate contributions to Tennessee political candidates has failed in the House.
The bill also would have allowed insurance companies to contribute, and it would have raised the cap on the amount of money that party caucuses can donate to candidates. The limit for statewide elections would jump from $374,300 to $500,000.
Current law allows corporations to contribute directly to candidates, but they are treated as political action committees and must disclose the contributions.
House Republican Caucus Chairman Glen Casada of Franklin sponsored the bill, which failed to receive the 50 votes needed to pass.
Casada said the measure was intended to increase free speech. He said candidates would still have to disclose contributions from corporations.