Are Lummis’ Campaign Contributions from Wyoming Fund Managers Ethical?

Some of U.S. Rep. Cynthia Lummis’ campaign contributions have recently come under question based on federal filings and information released about an investment program she fought for during her term as State Treasurer.

According to the Associated Press, in 2003 Lummis encouraged investment in Cheyenne Capital, arguing that it would yield better returns while supporting economic development. Currently, Cheyenne Capital, an investment firm out of Denver, manages about $225 million in Wyoming investments. Bob Grady, managing director of Cheyenne Capital, said the fund has returned an annual rate of 13 percent after fees and expenses, which, according to the firm’s founder, John Fitzgerald, ranks it in the top 10 percent of rate returns when compared with similar funds.

The detail that may or may not be of issue is the contribution by multiple individuals associated in some capacity with Cheyenne Capital to Lummis’ campaigns. Filings with the Federal Election Commission show $31,400 in donations were contributed by managers, vice presidents or founders of companies that Cheyenne Capital invested in. This could be cause for questioning, were it not for the comparative insignificance of the total.

Out of $1.1 million raised for two congressional races, $31,400 was contributed by individuals with some relationship to Cheyenne Capital. That is less than 3% and seems unlikely to be cause for concerns about unethical reciprocity. Contributors who could be reached for comment related their confidence in Lummis’ ability to make a difference at the federal level.