The Wall Street Journal reports (subscription required) that "The Securities and Exchange Commission is expected to propose a federal rule that would ban investment advisers from managing public pension-fund money after contributing to the campaigns of state pension fund overseers."
The move comes in response to several pension fund scandals that have emerged in recent months. New York Attorney General Mario Cuomo, along with the SEC, is investigating allegations that former state comptroller Alan Hevesi was effectively selling pension fund business.
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