Introduced
by
To allow state and local government pension funds to place more of the more of the money under trust in “private equity” (shares of stocks not listed on public exchanges). Also, to require ones that use a paid investment advisor to make a good-faith effort to hire one that is a qualified “emerging fund manager,” who manages less than $2 billion, and also to report to the legislature on the methods and results for finding one, with the data segregated by race, ethnicity, gender, and fund size.
Referred to the Committee on Senior Health, Security, and Retirement
Reported without amendment
With the recommendation that the substitute (H-6) be adopted and that the bill then pass.
Substitute offered
To not allow government pensions to invest in more "alternative investments," but instead direct more state pension fund money to certain types of businesses.
The substitute passed by voice vote
Amendment offered
by
To revise details related to which entity is making the investment decisions.
The amendment passed by voice vote
Amendment offered
by
To revise language so as to expand the proposed investment in businesses located in decayed "cities of promise".
The amendment passed by voice vote
Passed in the House 57 to 43 (details)
To require state pension managers to "use their best efforts" to ensure that at least 5 percent of state pension funds get invested in Michigan businesses, with at least half of these located in one of eight so-called "cities of promise" (meaning eight decaying, economically declining urban-core cities). Reportedly this and similar bills are a priority of the Obama administration, and indirectly a way to direct more government money to minority-owned businesses.
Referred to the Committee on Appropriations
