Proposed legislation in
The Responsible Private Equity Investment Act of 2008 bill (AB 1967) is sponsored by Democratic assemblyman Alberto Torrico. The act would prohibit the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) from allocating capital to private equity firms that have sold stakes in their management companies to sovereign wealth funds, mainly those of countries not in compliance with international human rights treaties.
Some sovereign funds are affiliated with countries “with human rights records that are among the worst in the world,” the bill states.
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