Actually according to the bankers legal submissionthe requirements were “the creation of a permanent system of state supervision”. The bankers further argued that the Attorney General was violating their right to free speech and freedom of association.
It would be easy to dismiss this rambling as some kind of political sideshow. No one close to me – literally no one – wanted to have a substantive conversation about the relevant investment principles.
The list of those who did not comment included not only bankers and the state attorney general, but also the state treasurer and endowment managers at the University of Kentucky and the University of Louisville, both public institutions.
The Kentucky bill includes a loophole. Lawmakers knowing that they should not force civil servants to do this infringe their duty to act in the best interests of the constituents gave these employees a kind of exemption. And on Feb. 13, Betty Pendergrass of the County Employees’ Retirement System sent State Treasurer Allison Ball, factual note to let her know that she will perform this fiduciary duty.
Is Mrs. Ball suing Mrs. Pendergrass now?
Meanwhile, it is possible that a judge will side with Mr Cameron, the attorney-general, in his battle with the banking association. “When you’re trying to stop an investigation, the courts are usually not very amenable to that,” he said Russell Weaverprofessor at the Louis D. Brandeis School of Law at the University of Louisville.
Mr Cameron, a republican, just by chance run for the governor. But it’s his law enforcement partner, Ms. Ball, who accuses the other side of playing politics, even as she issues statements that sound like something from a candidate. In a press release this year, Ms Ball’s office said it had long fought ESG “schemes” that “prioritize political goals over financial returns”.
But as the law and its loopholes allow, it is those returns on investment and generally sound stewardship of public money that are of primary concern when you are a public servant who is bound to act in the best interests of the people you serve. Any process that supports such actions is worth enacting.
