As per a recent executive order signed by Thomas DiNapoli, - the New York State Comptroller and the exclusive trustee of the $116.5 billion state pension fund - a ban has been imposed on the pension fund restricting it from doing business with money managers who make campaign contribution to candidates running for the comptroller's office.
In a conference call from Albany, DiNapoli - a Democrat who will run for re-election next year - said that the ban will take effect in 45 days.
The restriction, which is applicable to donations to serving comptrollers as well, is essentially an onslaught on pay-to-play practices involving public funds. The ban would not only prohibit the fund from hiring investment advisers within two years after a contribution, but also restore public confidence in the corruption-marred pension fund.
The campaign-contribution ban has been enacted amid a much-prolonged probe by the New York attorney general and the Securities and Exchange Commission (SEC) into alleged fund corruption; making New York the 17th US state to impose such a ban.
Talking about the ban order, DiNapoli said "Pay-to-play has no place in the management of public pension funds."
However, noting that the donation ban is not applicable to candidates running for other statewide offices, such as governor and attorney general, DiNpoli, saying that he supported public financing of campaigns, added: "You need to replace private money in politics with public money."
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