New York State Comptroller H. Carl McCall said yesterday he will ask several Wall Street executives listed as members of his campaign finance committee to resign unless they can show that new guidelines restricting campaign activities do not apply to them.

The announcement came after The Bond Buyer reported Friday that the McCall campaign lists four executives on its finance committee who work for firms that have agreed to ban business-related contributions to state and local officials. The agreement was reached Oct. 18, and the executives were listed in an Oct. 24 letter.

The officials are David C. Clapp, a general partner at Goldman, Sachs & Co.; Felix G. Rohatyn, a partner at Lazard Freres & Co.; Richard Jenrette, chairman of the board of Donaldson, Lufkin & Jenrette Inc., the holding company for Donaldson, Lufkin & Jenrette Securities Corp.; and James E. Cayne, chief executive officer at Bear Steams & Co.

McCall said in a telephone interview that he will "ask all those persons covered by the voluntary ban to withdraw from the committee." Of the four executives, McCall said only Jenrette has given money to the campaign. The comptroller said the contributions were made "a few weeks ago," but that he did not know the amounts.

McCall made the announcement yesterday evening as part of a policy statement on his fund-raising practices. McCall's term expires at the end of 1994.

"This whole thing [the finance committee] was put together back in early August, and then the rules changed," McCall said yesterday. "The rules changed, and if they can't participate, they can't participate." Under the terms of the accord, "each employee, political action committees, and each firm's municipal finance professionals, their supervisors and senior management will be prohibited from making political contributions at state and local levels." The agreement also says that companies affiliated with the firms that signed the agreement can make contributions, but not to obtain municipal bond business.

Of the four executives, Clapp and Rohatyn say they will not contribute nor solicit campaign contributions. Clapp, through his assistant, yesterday confirmed that he will not participate on the committee, while Rohatyn, who has previously said he would continue to lend his name to the committee, could not be reached for comment.

A spokeswoman at Bear Steams refused to comment on Cayne's status, and a spokeswoman for Donaldson Lufkin said Jenrette is traveling and could not be reached for comment.

Last week, the Donaldson Lufkin spokeswoman said Jenrette believes he is not covered by the accord, including its sanctions on political contributions made by affiliated companies. The spokeswoman said Jenrette's involvement in the McCall campaign is not covered by the accord because Jenrette is a top executive at a holding company of Donaldson Lufkin securities.

McCall also said yesterday that Jenrette may still qualify as a finance committee member. A spokesman for McCall said Jenrette's involvement is under review.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.