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Chairman Carson backs substitute restricting retirement funds from investing in single-family homes
Summary
Chairman Carson presented and the Senate Rules panel approved a substitute to Senate Bill 23 that clarifies retirement-system alternative investments are allowed but bars use of vehicles that acquire large portfolios of single-family homes or residences. The substitute was approved with no recorded opposition.
Chairman Carson presented a substitute version of Senate Bill 23 to the Senate Rules panel, describing the measure as aimed at diversifying retirement-system holdings while preventing certain private-equity or private-debt investments in single-family residences.
"So what we put in, line 31 provided further that no such investment is shall be made in investment vehicles investing in ... single family homes or residences," Carson said, explaining the change to the bill’s language.
Carson said the change was prompted by concerns from members about allowing alternate investments that would permit private-equity firms to buy large portfolios of single-family homes. "It's about diversification in regard to some of the large retirement systems that we oversee," he said.
Following the presentation, the clerk called for a motion to approve the substitute. The substitute to Senate Bill 23 (LC 5606712S) was moved and seconded; no opposition was recorded and the clerk stated the substitute was approved.
The meeting then moved additional items onto the supplemental calendar and adjourned. The panel’s next session is scheduled for Thursday at 9 a.m.
