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California
Related: About this forumOne Politician Stopped California's Fossil Fuels Divestment--Again
Mother Jones
https://www.motherjones.com/politics/2023/08/one-politician-stopped-californias-fossil-fuels-divestment-again/
For the second time in two years, the bill was blocked by a single legislator heading the Assemblys Committee on Public Employment and Retirement. It will be up for reconsideration next year.
In a statement to Capital & Main, Assemblymember Tina McKinnor (D-Inglewood), the committee chair who blocked the bill, said she wanted to learn more about how divestment could affect pensioners in the state. In her campaign for office last year, labor unions were her largest supporters, contributing at least $358,900. She also benefited from more than $100,000 put up by a political action committee funded by oil and gas companies.
Before making a decision on this policy, I have asked CalPERS and CalSTRS members, beneficiaries and their labor representatives to share their opinion on this legislation. These funds pay for their retirement and I welcome their voices before considering SB 252 in 2024, McKinnor said.
The bill was carried, once again, by Sen. Lena Gonzalez (D-Long Beach). Her press secretary, Leoda Valenzuela, said that McKinnor agreed to hold an informational hearing in early 2024.
In a statement to Capital & Main, Assemblymember Tina McKinnor (D-Inglewood), the committee chair who blocked the bill, said she wanted to learn more about how divestment could affect pensioners in the state. In her campaign for office last year, labor unions were her largest supporters, contributing at least $358,900. She also benefited from more than $100,000 put up by a political action committee funded by oil and gas companies.
Before making a decision on this policy, I have asked CalPERS and CalSTRS members, beneficiaries and their labor representatives to share their opinion on this legislation. These funds pay for their retirement and I welcome their voices before considering SB 252 in 2024, McKinnor said.
The bill was carried, once again, by Sen. Lena Gonzalez (D-Long Beach). Her press secretary, Leoda Valenzuela, said that McKinnor agreed to hold an informational hearing in early 2024.
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One Politician Stopped California's Fossil Fuels Divestment--Again (Original Post)
quaint
Aug 2023
OP
mahatmakanejeeves
(60,893 posts)1. That only makes sense, don't you think?
Before making a decision on this policy, I have asked CalPERS and CalSTRS members, beneficiaries and their labor representatives to share their opinion on this legislation. These funds pay for their retirement and I welcome their voices before considering SB 252 in 2024, McKinnor said.
The people whose money you're messing with ought to have a say in the matter.
quaint
(3,541 posts)2. I agree.
My concerns are that this isn't the first proposal, and the political donation.
The Mouth
(3,284 posts)3. Pensions *must* be invested wherever the returns are the best
Period.
The job of a labor union is to take care of its members, including retirees. Any other consideration is secondary if even that.
Anybody investing my money has *one job*, and it is completely irrespective of any political, social or other considerations.
Anyone who doesn't understand and agree with that should not have anything to do with financial decisions except for their own personal investments.