House Minority Whip Submits Legislation Designed To Create Transparency in Rhode Island’s Pension Fund Investments
STATE HOUSE -- House Minority Whip Blake Filippi (R-District 36 Block Island, Charlestown, South Kingstown, Westerly) has submitted House bill 5993 to create more transparency in Rhode Island’s pension fund investments.
Whip Filippi’s bill (H-5993) would require the State Investment Commission to include in its annual report a separate section devoted to alternative pension fund investments, including hedge funds. H-5993 requires that information and supporting documents relating to the hiring of alternative investment consultants, alternative investment performance and confidentiality agreements with consultants are finally disclosed to the public.
“House bill 5993 is critical to apprise government officials and the pubic, especially those that rely on state pensions, about how our money is being managed. There is much controversy surrounding our state’s recent move to hedge funds – and current law does not provide a disclosure mechanism for information surrounding these investments. Secrecy in this critical government function is not acceptable, and I believe most Rhode Islanders agree,” said Whip Filippi.
House bill 5993 is co-sponsored by House Minority Leader Patricia Morgan (R-District 26 Coventry, Warwick, West Warwick), Representative Kenneth Mendonça (R-District 72 Middletown, Portsmouth), Representative Anthony Giarrusso (R-District 30 East Greenwich, West Greenwich) and Representative Robert Nardolillo (R-District 28 Coventry).
For more information, contact:
Raina C. Smith, House Minority Office
State House Room 106
Providence, RI 02903