istockAnalyst.com – The Securities and Exchange Commission unanimously endorsed the proposal amid widening investigations of so-called pay-to-play donations by private equity and hedge fund executives who jockey for lucrative fees to manage some of the more than $2.2 trillion in assets held by public pension funds.
"The selection of investment advisers to manage public plans should be based on merit and the best interests of the plans and their beneficiaries, not the payment of kickbacks or political favors," SEC Chair Mary Schapiro says.
