DiNapoli Meets With SEC Chairman
Comptroller Expresses Support for Pay-to-Play Ban
New York State Comptroller Thomas P. DiNapoli met Friday in Washington, D.C. with Securities and Exchange Commission Chairman Mary Schapiro to discuss the SEC’s proposed ban on campaign contributions by investment advisors.
“I’ve already implemented a number of reforms to address the transgressions committed in New York under the Hevesi administration,” DiNapoli said. “Chairman Schapiro is taking reform to the national level. The SEC proposal will help restore public confidence and trust in the management of public pension funds.
“We had a very productive conversation. I wanted to express my support for the proposed rules, and thank her for her leadership. Chairman Schapiro and I also discussed the next steps we need to take to protect public pension funds. An independent and strong SEC is crucial to safeguard the interests of public pension funds and taxpayers across the country. Friday’s meeting was an important step toward building what I hope will be a reinvigorated and productive regular dialogue among the SEC and public pension fund fiduciaries.”
In May, DiNapoli wrote to Schapiro to express his support for a national ban on “pay-to-play” dealings with public pension funds. Last week, the SEC announced its proposal, which incorporates reforms already implemented by DiNapoli in New York State banning the use of paid intermediaries and placement agents. DiNapoli has also proposed legislation for phasing in public financing for campaigns in New York State, starting with the 2010 State Comptroller race, followed by the 2012 legislative elections and the full slate of statewide races in 2014.
DiNapoli said his staff was reviewing the proposed SEC regulations and would be providing comment during the 60-day comment period.
For a complete list of DiNapoli’s reforms, visit http://www.osc.state.ny.us/pension/reforms_pensionfund.htm