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Committee advances bill letting CAPERS invest in select foreign sovereign debt with tighter safeguards
Summary
The Senate committee moved Senate Bill 232 out favorably after adopting an amendment that narrows which foreign sovereign obligations CAPERS may buy, adds Fitch ratings, requires high credit standards and bars investment in countries that have defaulted; investments are capped at 5% of investable cash.
Senate Bill 232, described in committee as "a CAPERS bill," was advanced out of the Senate Committee on Financial Institutions and Insurance on a voice vote after members adopted an amendment tightening the bill’s eligibility criteria.
Eileen, committee staff, told members the bill would allow CAPERS to buy "United States dollar denominated bonds, notes, debentures, or other similar obligations of a foreign…
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