Jan. 30 (Bloomberg) — New York City Comptroller Scott Stringer, who oversees $150 billion in pension assets, called for expanding a ban on agents who solicit investments for the city's five pension funds.
Stringer, a Democrat who took office Jan. 1, also proposed bolstering financial-disclosure rules for employees who advise the funds. He will appoint a risk and compliance officer and an internal auditor to address potential conflicts of interest and strengthen controls at the comptroller's Bureau of Asset Management.
"We must have a broader, formal ban to ensure that New York City does not experience the pay-to-play scandals that have plagued other funds in recent years," Stringer said today in a speech to the Citizens Budget Commission. "These scandals cost taxpayers money and undermine public confidence in, and support for, pensions."
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