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By Gina Wilder | January 31st, 2013 - 1:42pm
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Assembly Democrats News Release

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.

On the Net:
The Assembly Democratic Office Web site
NJ Assembly Dems on YouTube
NJ Assembly Dems on Vimeo
NJ Assembly Dems on Facebook
NJ Assembly Dems on Twitter
NJ Assembly Dems e-mail alerts

Contact Info: 

Majority Press Office 609-847-3500

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Quote of the Day

quote of the day

"Assembly Speaker Vincent Prieto, a Hudson County Democrat, is balking. He claimed Tuesday that members of his caucus are divided over the measure and that his house is in no real rush – besides, even if enacted this year, the reforms would not take effect until 2017, he said. And with the growing belief that Christie could skip town to run for president, some Democrats are not eager to give him another talking point for his résumé. Christie’s plans to stump for Republican candidates in New Hampshire later Thursday only fuel that suspicion." - columnist Charles Stile

- The Bergen Record

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