As Florida governor Ron DeSantis positions himself for a presidential bid, his state’s Republican-controlled legislature just sent him a bill that could enrich prospective Wall Street donors he may need to finance his campaign. That includes a GOP mega-donor who DeSantis recently met with as the bill advanced.

But if DeSantis does try to make a fundraising play off the new pension investment bill, it could put him on a collision course with federal regulators — if those regulators decide to enforce a long-standing anti-corruption rule that has previously hindered other governors considering a White House bid.

At issue is a new bill empowering the Florida State Board of Administration — which is run by DeSantis and two other Republican officials — to move an additional $18 billion of the state’s pension fund out of traditional stocks and bonds and into hedge funds, private equity, venture capital, and real estate firms. Such “alternative investment” firms often charge high fees and deliver weak returns — while many of their executives make big political campaign donations. The legislation passed even as other states’ pension funds are considering pulling back on such investments in the face of potential losses.