The ongoing feud over the transparency of state pension fund investments between state Treasurer Janet Cowell and the State Employees Association of North Carolina has spawned dueling bills in the state legislature.
A bill backed by SEANC would make a wealth of investment information available as public records — including all fees related to investments made by the $87 billion pension fund. The Cowell-supported bill would keep confidential and "trade secret" information about investments made by money managers under wraps until five years after an investment contract has concluded.
So far, the bill backed by Cowell, a Democrat, has gained more traction in the Republican-led legislature. The House State Personnel Committee endorsed it by a voice vote on June 18; it's now in the Appropriations Committee. Three of the four primary sponsors of the bill are Republican. Continue>>>