Skip to content Skip to navigation
- Home
- >
- Market Initiatives
- >
- Support Market Initiatives
- >
- Press Release: CalPERS to Congress: Back Wall Street Reform Legislation
Press Release
December 9, 2009
CalPERS to Congress: Back Wall Street Reform Legislation
SACRAMENTO, CA –The California Public Employees' Retirement System (CalPERS) is seeking congressional support for legislation to plug regulatory gaps and prevent corporate malpractice that contributed to the nation's financial crisis.
In a memo today to the California Congressional Delegation, CalPERS Chief Executive Officer Anne Stausboll called on members "to support ‘The Wall Street Reform and Consumer Protection Act of 2009' – legislation that advances critical reforms that will ensure transparency and accountability in corporate boardrooms and help to restore trust and stability."
The bill, H.R. 4173, has been proposed by the House Financial Services Committee led by Congressman Barney Frank, D-Mass.
The legislation introduces the following critical reforms:- Proxy Access: Confirms the rule-making authority of the U.S. Securities and Exchange Commission (SEC) to allow shareowners to nominate their own candidates on proxy ballots for company board elections.
- Executive Compensation: Allows shareowners to cast non-binding votes of corporate executive compensation packages, and also allows shareowners to vote on golden parachutes.
- Systemic Risk: Creates a Financial Stability Council to identify and regulate firms whose failure can threaten market stability.
- Regulatory Oversight for Private Pools of Capital, Derivatives and Credit Ratings: Requires hedge funds, private equity funds and other entities with pools of private capital to register with the SEC and be subject to its regulations; requires new regulation of "over-the-counter" derivatives; sets up a new SEC office to oversee credit ratings agencies.
- Consumer Protection: Creates the Consumer Financial Protection Agency to protect individual consumers of financial products.
"We are grateful to Chairman Barney Frank and the members of the Financial Services Committee for developing a comprehensive package of reforms that will benefit millions of ordinary work people whose savings are held in funds like ours as well as the global financial marketplace," Stausboll wrote.
A copy of Stausboll's letter can be found in the Press Room of the CalPERS website at www.calpers.ca.gov and on CalPERSResponds.com.
CalPERS is the nation's largest public pension fund with approximately $200 billion in market assets. It provides retirement benefits to more than 1.6 million State, school and local public employees, retirees and their families.
Additional Resources:CalPERS Supports H.R. 4173 "Wall Street Reform & Consumer Protection Act of 2009" (PDF, 44 KB)
Contact Info:
Office of Public Affairs
(916) 795-3991
Brad Pacheco, Division Chief
Contact: Clark McKinley, Information Officer
pressroom@calpers.ca.gov
###