Using their massive investment funds to create jobs might be a way for embattled public pension systems to aid the struggling California economy, while also generating some sorely needed good publicity.
Gov. Brown may propose a job-creating pension investment program, state Treasurer Bill Lockyer’s representative, Steve Cooney, told the CalPERS board this month.
Cooney said after the meeting the treasurer’s office has not been told that Brown will make the proposal. He said Brown expressed interest in harnessing pension investments near the end of his last term, and the current situation points in that direction.
“I think it won’t be long before we are going to be asked by this governor, who wants to figure out how we can do a better job delivering state services to business and to increase the impact the state actually has on economic development,” Cooney told the board.
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