Tim Jester
Financial planner Tim Jester filed paperwork to run in Tennessee House District 60's Democratic primary just weeks ago. On Monday, he announced that he will back out before the race has begun, citing an abrupt decision by a new professional body that oversees his securities licenses.
Individuals with securities licenses require approval for certain financial pursuits, from gig work to holding elected office. Woodbury Financial, the broker-dealer that oversees Jester’s license, initially ruled on his candidacy as an approved "outside business activity." When national wealth manager OSAIC bought Woodbury, OSAIC regulators pulled approval for Jester’s situation. New regulators cited the Securities and Exchange Commission’s "pay-to-play" rule, which prohibits investment advisers from exchanging financial advice for receiving government compensation.
“They told me my campaign wasn’t allowed and that there are representatives currently with OSAIC that wouldn’t be allowed to run in the future,” Jester tells the Scene. “While I have a hard time seeing how the rule applies here, that’s the language they used.”
House members receive a small yearly stipend and discuss financial matters related to bills and government functions. Such an arrangement could be construed as prohibited activity under pay-to-play, Jester says.
In a statement posted to X, Jester told supporters he was "devastated" and would return campaign contributions. Jester was poised to take on gun control advocate Shaundelle Brooks in the Democratic primary. Democrat Darren Jernigan has represented the district, a slice of eastern Davidson County that includes Donelson and Hermitage, since 2012. Jernigan moved to the mayor’s office this year as a city-state liaison and will not seek reelection.
Jester has voted in recent Democratic and Republican primaries. His history reflects an independent streak that Jester hoped would help him win Davidson County’s only purple House seat.
“I’m one of the millions of disaffected Americans who finds myself in the Democratic Party because the Republican Party has gone off the rails,” Jester tells the Scene. “My voting record indicates I'm independent, but the ballot I cast in the March primary gives me the three primary votes I need to qualify to run."
