Chris Christie Won't Approve Investment Rules Involving Donors

Gov. Chris Christie has conditionally vetoed legislation barring the state from making investments with firms whose money managers have contributed to national political campaigns. Christie announced the decision on Monday saying that federal and state restrictions already impose stringent disclosure requirements.

"The fund managers and investment advisers already must abide by federal campaign contribution laws. Because the federal campaign contribution laws pre-empt state law in this area, I cannot approve of such a provision," Christie said in a statement.

The measure would also have required a quarterly report to the Legislature showing the state's return on investments as well as fees charged by external money managers.