Senate Bill 414 would close “Lombardo Loophole” on dark money inaugural committees and require elected officials to disclose stock ownership and financial interests

On April 16th, Republicans in the Nevada State Senate unanimously voted against Senate Bill 414, a bill to require more transparency in Nevada’s campaign finance and financial disclosure laws. 

Currently, elected officials are only required to disclose ownership interests of more than 1% in companies — leaving a significant loophole that allows individuals to hold hundreds of thousands, if not millions, of dollars in stock without public disclosure. SB 414 seeks to close this gap by requiring disclosure for any business interest valued at $5,000 or more. 

Additionally, the legislation would bring back the provisions of Senate Bill 60 from the 2023 session and require Nevada’s elected constitutional officers to publicly report donations to inaugural committees. This will close a loophole that Governor Joe Lombardo abused after his election to hide unlimited contributions to his inaugural committee, which raised millions in dark money. Lombardo vetoed SB60 after the 2023 session, and he has refused to disclose to the public who funded his inaugural committee, breaking bipartisan precedent set by past governors who disclosed their inaugural donors to the public.

Nevada State Democratic Party spokesperson Tai Sims: 

“Nevada Senate Republicans cry for transparency rings hollow when they unanimously vote to protect Joe Lombardo’s dark money inaugural committee from public scrutiny and to shield themselves from being required to disclose possible conflicts of interest. Lombardo is already facing the largest campaign ethics fine in history and the culture of corruption among legislative Republicans only continues to grow.”