Although there are no claims contained herein that a fool-proof system of vetting questionable emerging market entities can be configured at the state, or even federal, levels, a good-faith effort to strengthen transparency and dialogue in this area could avoid some of the most troubling abuses of the US capital markets as well as help safeguard the public portfolios of California and other states.

CENTERFORSECURITYPOLICY: Roger Robinson testimony on California Pension Funds