Pension funds

The initiative proposed by business interests would amend California's constitution to prevent the state from approving tax increases without a two-thirds majority vote of the Legislature and voter approval.

It's a color-coded controversy about how far the fight over ESG and green investing precepts will affect public finance this year, with the latest skirmishes involving Bank of America and New York and New Hampshire.

"Preserving a livable planet and a thriving economy will require a collective global commitment both to the phase-out of fossil fuels and to massive new investments," said New York Comptroller Brad Lander.

The higher returns offered by alternatives also carry higher risk.

"Wokeism" in public finance is an increasingly popular talking point among conservatives.

Surpassing $150 million in total investments, New York, Illinois, Pennsylvania, Texas, Ohio, Arizona and Georgia have joined Florida, Miami-Dade and Palm Beach counties and Miami Beach in supporting Israel financially in the wake of the deadly terror attacks by Hamas.

The city, which issued POBs in 2005, is awaiting recommendations from an actuary on how to deal with a $3 billion unfunded liability in its public safety fund.

For the three-month period ending June 30, the fund's investments returned about 3.08%.

Treasurer Dale Folwell said the law protects retirees' money from being used for what he called Wall Street's "wacktivist" agenda.

"Recent months have been trying for investors," said State Comptroller Thomas DiNapoli, "and there is no doubt that challenges lie ahead, with concerns over a recession and potential interest rate increases, but the state pension fund is well-positioned to weather these storms."