SACRAMENTO — A bill that seeks to limit the influence of placement agents at California public pension funds has stalled in the state Legislature.
The bill, AB 1743, failed to pass out of the Assembly Appropriations Committee on Wednesday. It would require placement agents to register as lobbyists, report gifts and bans outside investment managers from paying them fees.
The use of placement agents has come under scrutiny in California and New York where former pension officials have been accused of accepting gifts in exchange for business.
State Treasurer Bill Lockyer, who sits on the board of the California Public Employees Retirement System, says he would propose an outright ban of placement agents if the Legislature fails to pass the bill.
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