The Financial CHOICE Act of 2017
Dear Ranking Member Waters:
CalSTRS was established more than 100 years ago to provide retirement benefits for California’s public school teachers and is the largest educator-only pension fund in the world. The CalSTRS portfolio is currently valued at approximately $208 billion, which we carefully invest, as patient capital with a long-term investment horizon, to meet the retirement needs of more than 900,000 plan participants and their families.
As the CEO of CalSTRS, I am writing to express our opposition to the Financial CHOICE Act of 2017 (the CHOICE Act or Act), which is scheduled to be considered by the full House the week of June 5th. The Financial CHOICE Act is shrouded in rhetoric about fixing the United States economy and lifting the regulatory burden on our financial institutions when, in fact, it unwinds important shareholder rights, allows for riskier public companies, and decimates the Securities and Exchange Commission’s (SEC or the Commission) ability to protect investors. We respectfully request that our letter be entered in to the public record when the bill is considered by the House.