CalSTRS Applauds Financial Regulatory Reforms
President Obama signs legislation to protect shareholders, prevent repeat of 2008 market collapse.
WEST SACRAMENTO, CA– The California State Teachers’ Retirement System (CalSTRS) today issued this statement:
CalSTRS joins with its partner state pension funds and plan sponsors, representing 7 million active and retired employees, with combined assets of more than $1 trillion in applauding meaningful financial regulatory reforms signed into law today by President Obama.
We now have in place safeguards to help prevent a repeat of the 2008 market collapse which has hurt all investors, large and small. We also have tools for investors that will bring appropriate transparency, accountability, and management of risk at the corporate level. Regulators and investors must remain vigilant and alert to restore and maintain the integrity of our capital markets and the accountability of its participants.
We also want to thank Representative Barney Frank (D-MA), Senator Christopher Dodd (D-CT), our California congressional delegation, particularly Congresswoman Maxine Waters (D-Los Angeles), for their leadership and perseverance throughout the process.
The California State Teachers’ Retirement System, with a portfolio valued at $129.7 billion, is the second largest public pension fund in the United States. It administers retirement, disability and survivor benefits for California’s 848,000 public school educators and their families from the state’s 1,400 school districts, county offices of education and community college districts.