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Fri March 30, 2012
Placement Agents Under State Ethics Laws
Lawmakers have given final approval to legislation that would make placement agents involved in financial investments for Kentucky's pension program subject to the state's ethics laws. The legislation is an offshoot of a state audit that raised questions about the use of placement agents who advise the state about how to invest retirement funds for teachers and government workers. The House voted 94-0 Thursday for final passage. Democratic Rep. Mike Cherry of Princeton, chairman of the House State Government Committee, has been pushing to hold placement agents more accountable. Cherry's bill, which now goes to Governor Steve Beshear for consideration, also requires placement agents to make public reports about their income and expenses. Beshear hasn't said if he will sign it.