The SEC is proposing to get rid of the “pay-to-play” rule, which prohibits asset managers from providing services to a government client (including state and local public pensions) for two years after making a political contribution to certain elected officials or candidates. If successful, the SEC would eliminate an important safeguard against private equity, venture capital, and hedge funds bribing their way into lucrative contracts and exposing pension plans — and the workers and retirees who depend on them for their retirement security — to harm. READ MORE