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Pennsylvania Lawmakers Allowed to Own Gambling Shares

PHILADELPHIA, Pennsylvania – As reported by the Associated Press: "Pennsylvania lawmakers may have hit a jackpot of sorts under a new state law that legalizes slot machines and allows legislators to own a portion of gambling parlors.

"Under a bill signed into law Monday by Gov. Ed Rendell, individual lawmakers are permitted to own up to 1 percent of each of the 14 slot-machine parlors planned in the state.

"…Critics have said that the 1 percent rule could lead to conflicts of interest or at least the appearance of a conflict, if not outright corruption.

"…Critics argue the Pennsylvania law is flawed because it only addresses ownership of 'securities' of gaming companies, meaning that a lawmaker could directly own all or part of a gaming parlor.

"…The bill's authors have argued that the 1 percent provision was needed so that lawmakers could own mutual funds or pension funds that invest in publicly traded gaming companies without having to worry about being in violation of the law…"

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