Re: 2009 House Bill 5618 (Allow more non-traditional investments in government pension funds )

z1queenie — Sat, 04 Dec 2010 23:54:47 GMT

Am I interpreting this right? They want to take some of MY hard-earned pension money and invest it in cities like Detroit under the guise of "cities of promise?" They want to GIVE my pension money to DETROIT? This is one of the most idiotic ideas to come from Lansing in a whole line of idiotic ideas. We need to clean house again in 2012.

2009 House Bill 5618 (Allow more non-traditional investments in government pension funds )

Votes Admin — Mon, 01 Jan 2001 05:00:00 GMT

Introduced in the House on December 1, 2009, 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

The vote was 57 in favor, 43 opposed and 7 not voting

(House Roll Call 486 at House Journal 0)

Click here to view bill details.

Welfare, Medicaid and Social Services

Re: 2009 House Bill 5618 (Allow more non-traditional investments in government pension funds )

2009 House Bill 5618 (Allow more non-traditional investments in government pension funds )