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Congressman Ted Lieu

Representing the 33rd District of California

REP LIEU LEADS 12 CALIFORNIA MEMBERS IN CALLING FOR CALPERS TO DIVEST FROM TRUMP PROPERTIES

October 31, 2017
Press Release

FOR IMMEDIATE RELEASE

WASHINGTON - Today, Congressman Ted W. Lieu (D | Los Angeles County) led a group of 12 California Members of Congress in urging the California Public Employees’ Retirement System (CalPERS) to divest from its fund connected to Trump Organization properties. In a letter to CalPERS CEO Marcie Frost, the Members expressed outrage that CalPERS would continue to invest in an asset that unconstitutionally funnels money to President Trump. Beyond that, the fund helps bankroll Trump SoHo, a Trump Organization property at the center of recent allegations related to fraud and money laundering. The fraud was apparently so problematic that Ivanka Trump and Donald Trump, Jr. allegedly avoided charges only when Manhattan District Attorney Cyrus Vance overruled his own prosecutors after meeting with Donald Trump's lawyer, who had also given Vance a very large financial contribution.

 In the letter, the Members write:

“The Trump SoHo’s troubled history and increasingly problematic present raises new questions about CalPERS’s ability to meet its legal and ethical obligations when investing in private equity vehicles. CalPERS is also perpetuating continuing violations of the Domestic Emoluments Clause of the U.S. Constitution through its investment in the Fund.

State workers from every walk of life - from police and firefighters to nurses and health workers - depend upon your judgment, integrity, and action to safeguard a stable retirement. We are calling upon you now to again take action to prevent your members and the state from being caught up in a scheme of corruption.”

THE FULL TEXT OF THE LETTER CAN BE FOUND HERE

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