The California State Assembly’s public retirement and investment subcommittee heard testimony today regarding Assemblyman Ed Hernandez’s (D-West Covina) controversial bill proposing limitations on contingency fees for placement agents.

While Assembly Bill 1743 has been sponsored by many big name Golden State officials such as Treasurer Bill Lockyer, Comptroller John Chiang and the $200 billion California Public Employees’ Retirement System (CalPERS) in the past, it was met with opposition today regarding the effects the restrictions would have on emerging markets and the placement agent industry on the whole.

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