Press Release
Assembly Passes Caputo & Ramos Legislation Supporting Casino Investment Reform
By Gina Wilder | January 31st, 2013 - 12:42pm
Assembly Passes Caputo & Ramos Legislation Supporting Casino Investment Reform
Bill Concerns Use of Public Pension Money and Encourages Greater Return on Investment
(Trenton) The General Assembly gave legislative approval to two measures that would protect public pension funds from excessive investing. The measure A-3493 passed 46-29 and A-3494, 43-29-2.
Assembly Democrats Ralph Caputo, and Ruben Ramos, Jr. sponsored the package of bills after concerns were raised in the Star-Ledger article, "Hedge fund's risky ties to Revel casino shine light on N.J.'s investing habit." This package also would hold casino institutional investors more accountable to repayment of public fund investments.
"New Jersey must account for public pension money dollar-for-dollar.," said Caputo (D- Essex). "We should always be mindful, more so when it comes to how pension contributions are treated. It's simply responsible management of money well-earned by public employees to ensure their investment cannot be misused."
Rest of body gets pasted here
To read more, please visit the New Jersey General Assembly Democratic Office Web site.
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To read more, please visit the New Jersey General Assembly Democratic Office Web site.
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Majority Press Office 609-847-3500
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