Minority Whip Blake Filippi To Testify Before House Finance Committee on Pension Fund Investments
Legislation Will Create Transparency in Rhode Island’s Pension Fund Investment
STATE HOUSE -- On Tuesday, May 16, 2017 House Minority Whip Blake Filippi (R-District 36 Block Island, Charlestown, South Kingstown, Westerly) will testify before the House Finance Committee on legislation he has submitted 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 important legislation for many Rhode Islanders. Needless to say, it is critical to apprise government officials and the public, especially those that rely on state pensions, about how our money is being managed. It is common sense. 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. In my opinion, secrecy in this critical government function is unacceptable, 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