Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Wednesday, May 9, 2001

Release #143-01

 
Contact: Sunny Mindel/Matthew Higgins
(212) 788-2958




MAYOR GIULIANI INTRODUCES CAMPAIGN FINANCE REFORM TO CURB CONTRIBUTIONS FROM INVESTMENT ADVISORS WHO HANDLE CITY PENSION OR VARIABLE SUPPLEMENTS FUNDS

Mayor Rudolph W. Giuliani today introduced legislation to limit the potential influence of campaign contributions on how public officials decide to invest billions of dollars in City pension and variable supplements funds.

The bill would prohibit City office candidates participating in the Campaign Finance Program from accepting contributions from an individual who, within the last four years, performed services in connection with the investment of pension and variable supplements funds. The bill would allow participating candidates to accept contributions of up to $250 per election from such individuals if the individual is entitled to vote for the candidate; however, such contributions would not be eligible for matching funds.

"Each year, public officials are entrusted with investing billions of dollars of City funds in private companies," the Mayor said. "The decision on where and how to invest those funds should be guided by one overriding consideration -- merit. City employees must be assured that their hard-earned dollars are being invested to achieve the greatest possible return, irrespective of political considerations. This bill would ensure that individuals who stand to gain the most from the investment of City funds do not use campaign contributions to exert undue influence on the investment process. I urge the Council to join me in passing this meaningful campaign finance reform."

The bill would cover contributions from any investment advisor or manager, or from any person associated with an investment advisor or manager. The bill would also require candidates who receive matching funds to file reports enabling the Campaign Finance Board to determine whether participating candidates have taken improper contributions. Candidates who received a barred contribution on or after the introduction date of the bill would be required to return the contribution by the effective date, which is thirty days after enactment of the bill. Contributions made before the introduction date would not have to be returned, but they would not be matchable.

The bill is modeled on Securities and Exchange Commission Regulation G-37, which restricts campaign contributions from individuals associated with municipal securities.

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