ALBANY, N.Y. (AP) — The Cuomo administration announced plans Tuesday to make permanent the recent restrictions on who can do business with the $141 billion state pension fund and add elected officials to the list in an effort to prevent political favoritism.
Gov. Andrew Cuomo said he's directing the state Insurance Department to issue the permanent regulations to also ban placement agents, lobbyists and so-called "pay-to-play" activity from fund operations. It wasn't immediately clear what impact a prohibition against elected officials would have.
"The pension fund should be kept pure, and money belonging to taxpayers should not be the plaything of elected officials," Cuomo said. Aides said the Insurance Department has actual regulatory authority over the fund.
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