CalPERS supports Dodd’s financial reform bill

SACRAMENTO
March 16, 2010 5:46am

A proposal to tighten controls over Wall Street and banks “too big to fail” by Sen. Christopher Dodd, D-Conn., has the backing of the nation’s largest public employees pension fund.

“This legislation is good for business, good for the nation’s economic recovery and will go far in protecting investors and taxpayers,” says Rob Feckner, president of the California Public Employees’ Retirement System, in written comments Tuesday.

The CalPERS investment portfolio was harmed by the economic fallout in the marketplace and lack of strong corporate governance and market regulation, says George Diehr, chairman of the CalPERS Investment Committee.

“Under this proposal, the wild frontier of capital markets would be put under regulatory control,” claims Anne Simpson, senior portfolio manager who heads the CalPERS Corporate Governance Program.

When CalPERS speaks, Wall Street often makes like it’s listening since, with approximately $205 billion in assets, is the nation’s largest public pension fund and administers retirement benefits for more than 1.6 million active and retired state, public school, and local public agency employees and their families.

If you feel this story was of value to you, please consider a cash donation to Goodwill Industries of the San Joaquin Valley, our designated nonprofit. Thank you.

To support them, please click here.