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Please read and share Dan Walters’ CalMatters column opposing AB 386, CalPERS’ re-tread of their Secret Lending bill from last year. Dan Walters is a long time Sacramento Bee columnist.
AB 386 proposes an exemption to the California Public Records Act that would allow CalPERS to loan trust fund money without disclosing the borrower’s ownership, the loan terms, or any collateral pledged. Walters agrees with RPEA that this is a dangerous practice for public funds and could invite corruption in the form of sweetheart deals or worse. The chair of the RPEA President’s ad hoc Committee of CalPERS Experts, David Soares, testified before the Judiciary Committee about why this bill is simply an open door to corruption. We are still working to kill the bill in the Assembly. Please leave your comments with the Assembly Appropriations Committee using the LegInfo.ca.gov portal.
From the desk of Rosemary Knox, President:
RETIREES OPPOSE LENDING CALPERS TRUST FUNDS IN SECRET