California 2009-2010 Regular Session Status: Passed Assembly

AB 2337 — Public retirement system: investments: predatory investment practices.

Last action — From Senate committee without further action.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2009-2010 Regular Session. It reached “Passed Assembly” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The California Constitution provides that the Legislature may by statute prohibit retirement board investments if it is in the public interest to do so, and providing that the prohibition satisfies specified fiduciary standards. Existing law prohibits the boards of the Public Employees' Retirement System and the State Teachers' Retirement System from investing public employee retirement funds in a company with active business operations in Sudan and Iran, as specified. Existing law also requires the boards of these retirement systems to sell or transfer any investments in a company with business operations in Sudan. Existing law requires the boards of these retirement systems to submit an annual report to the Legislature regarding any investments in a company with business operations in Sudan and the sale or transfer of those investments. Existing law requires the state to indemnify, from the General Fund, and hold harmless the present, former, and future board members, officers, and employees of, and investment managers under contract with, these retirement systems by reason of any decision to restrict, reduce, or eliminate investments in Sudan, as specified. This bill would additionally prohibit the boards of public pension or retirement systems, as defined, from investing public employee retirement funds in a company with business operations engaged in predatory investment practices, as defined, that rely on, or result in, the displacement of persons residing in rent-regulated housing, converting rent-regulated housing units to market rate units, or raising rents above regulated levels as determined by the appropriate governing authority, in order to generate profits to investors and would require the boards to establish a policy in regard to investing in rent-regulated housing, as specified. This bill would make related legislative findings and declarations. Existing law provides that a statute that imposes a requirement that a state agency submit a periodic report to the Legislature is inoperative on a date 4 years after the date the first report is due. This bill would, notwithstanding that requirement, require these boards to report annually to the Legislature regarding implementation and compliance of the above-described provisions and regarding compliance with the provisions of the rent-regulated housing investment policy. The bill would also require these boards to develop and implement, on or before June 30, 2011, and thereafter maintain, a policy that prohibits the investment of public employee retirement funds in predatory investment practices, as specified.

Bill Text

Action History

  1. From Senate committee without further action.

  2. In committee: Set first hearing. Failed passage. Reconsideration granted.

  3. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on P.E. & R.

  4. Referred to Com. on P.E. & R.

  5. In Senate. Read first time. To Com. on RLS. for assignment.

  6. Read third time, passed, and to Senate. (Ayes 43. Noes 30. Page 5522.)

  7. Read second time. To third reading.

  8. Read second time and amended. Ordered returned to second reading.

  9. From committee: Amend, and do pass as amended. (Ayes 12. Noes 5.) (May 28).

  10. In committee: Set, first hearing. Referred to APPR. suspense file.

  11. In committee: Hearing postponed by committee.

  12. Re-referred to Com. on APPR.

  13. From committee chair, with author's amendments: Amend, and re-refer to Com. on APPR. Read second time and amended.

  14. Re-referred to Com. on APPR.

  15. Read second time and amended.

  16. From committee: Amend, do pass as amended, and re-refer to Com. on APPR. (Ayes 4. Noes 2.) (April 21).

  17. Referred to Com. on P.E.,R. & S.S.

  18. Read first time.

  19. From printer. May be heard in committee March 23.

  20. Introduced. To print.

Sponsors

  • Ammiano · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on · 4 voted No

Sponsors (1)

  • Ammiano

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 2337 AMMIANO Assembly Third Reading

Passed 52 Yea · 31 Nay · 8 Other
Party YeaNayPresentNot Voting
Unaffiliated 502906
Democratic 1101
Republican 1101
Total 523108
% of votes cast 57%34%0%9%
How each member voted (91)
Member Party Vote
Hagman — Nay
Carter — Yea
Chesbro — Yea
Charles — Yea
De — Yea
Bass — Yea
Beall — Yea
Torre — Yea
De — Yea
Leon — Yea
Yamada — Yea
Fong — Yea
Bonnie — Yea
Lowenthal — Yea
V. — Yea
Manuel — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Saldana — Yea
John — Yea
A. — Yea
Perez — Yea
Conway — Nay
Cook — Nay
Bill — Nay
Evans — Yea
Feuer — Yea
Fuller — Nay
Furutani — Yea
Fletcher — Nay
Tom — Not Voting
Audra — Not Voting
Anderson — Nay
DeVore — Nay
Garrick — Nay
Gilmore — Nay
Hall — Yea
Harkey — Nay
Hernandez — Yea
Hill — Yea
Huffman — Yea
Jeffries — Nay
Lieu — Not Voting
Logue — Nay
Mendoza — Yea
Miller — Nay
Nava — Yea
Nestande — Nay
Norby — Nay
Ruskin — Yea
Silva — Nay
Skinner — Yea
Solorio — Not Voting
Swanson — Yea
Torres — Not Voting
Torrico — Yea
Villines — Nay
Adams — Nay
Ammiano — Yea
Blakeslee — Nay
Block — Yea
Blumenfield — Yea
Bradford — Yea
Brownley — Yea
Buchanan — Nay
Hayashi — Yea
Huber — Yea
Knight — Nay
Ma — Yea
Monning — Yea
Nielsen — Nay
Smyth — Nay
Torlakson — Yea
Tran — Nay
La — Yea
Emmerson — Nay
Coto — Yea
Eng — Yea
Davis — Yea
Fuentes — Yea
Galgiani — Nay
Beth Gaines — Nay
Bill Berryhill — Nay
Bill Berryhill — Not Voting
Arambula, Joaquin Democratic Not Voting
Caballero, Anna M. Democratic Nay
Calderon, Lisa Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Nay
Strickland, Tony Republican Not Voting

Official roll call →

Do pass as amended.

Passed 13 Yea · 5 Nay
Party YeaNayPresentNot Voting
Unaffiliated 12500
Democratic 1000
Total 13500
% of votes cast 72%28%0%0%
How each member voted (18)
Member Party Vote
Conway — Nay
Charles — Yea
Fuentes — Yea
Coto — Yea
Davis — Yea
Miller — Nay
Monning — Yea
Norby — Nay
Ruskin — Yea
Skinner — Yea
Solorio — Yea
Torlakson — Yea
Ammiano — Yea
Bradford — Yea
Harkey — Nay
Nielsen — Nay
Torrico — Yea
Calderon, Lisa Democratic Yea

Official roll call →

Subjects

finance housing labor
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Frequently asked questions

What does AB 2337 do?
The California Constitution provides that the Legislature may by statute prohibit retirement board investments if it is in the public interest to do so, and providing that the prohibition satisfies specified fiduciary standards. Existing law prohibits the boards of the Public Employees' Retirement System and the State Teachers' Retirement System from investing public employee retirement funds in a company with active business operations in Sudan and Iran, as specified. Existing law also requires the boards of these retirement systems to sell or transfer any investments in a company with business operations in Sudan. Existing law requires the boards of these retirement systems to submit an annual report to the Legislature regarding any investments in a company with business operations in Sudan and the sale or transfer of those investments. Existing law requires the state to indemnify, from the General Fund, and hold harmless the present, former, and future board members, officers, and employees of, and investment managers under contract with, these retirement systems by reason of any decision to restrict, reduce, or eliminate investments in Sudan, as specified. This bill would additionally prohibit the boards of public pension or retirement systems, as defined, from investing public employee retirement funds in a company with business operations engaged in predatory investment practices, as defined, that rely on, or result in, the displacement of persons residing in rent-regulated housing, converting rent-regulated housing units to market rate units, or raising rents above regulated levels as determined by the appropriate governing authority, in order to generate profits to investors and would require the boards to establish a policy in regard to investing in rent-regulated housing, as specified. This bill would make related legislative findings and declarations. Existing law provides that a statute that imposes a requirement that a state agency submit a periodic report to the Legislature is inoperative on a date 4 years after the date the first report is due. This bill would, notwithstanding that requirement, require these boards to report annually to the Legislature regarding implementation and compliance of the above-described provisions and regarding compliance with the provisions of the rent-regulated housing investment policy. The bill would also require these boards to develop and implement, on or before June 30, 2011, and thereafter maintain, a policy that prohibits the investment of public employee retirement funds in predatory investment practices, as specified.
Who sponsors AB 2337?
AB 2337 is sponsored by Ammiano.
What is the current status of AB 2337?
This bill died with 2009-2010 Regular Session. It reached “Passed Assembly” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2337?
Track AB 2337 free on One Click Politics — get push/email alerts when it moves.

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