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on Pension Fund Investment (Albany: New York State Industri-

al Cooperation Council, June 1989), p. 20.

17. Jennifer Harris, "From Broad to Specific: The Evolution

of Public Pension Investment Restrictions," Public Retire-

ment Institute, Arlington, Va., July 1998.

18. For a thorough discussion of state employee pension

systems and their investment policies, see Carolyn Peterson,

State Employee Retirement Systems: A Decade of Change (Wash-

ington: American Legislative Exchange Council, 1987).

19. James Packard Love, Economically Targeted Investing: A

Reference for Public Pension Funds (Sacramento: Institute

for Fiduciary Education, 1989).

20. Love, Economically Targeted Investing; Peterson, State

Employee Retirement Systems.

21. Testimony of Alan Greenspan.

22. Jonathan Cohn, "Profit Motives," New Republic, July 13,

1998.

23. U.S. House of Representatives, Committee on Education

and Labor, Public Pension Plans: The Issues Raised over

Control of Plan Assets, pp. 44-46.

24. Ibid., p. 52.

25. Ibid., p. 50.

26. Internal Revenue Manual, Examination Guidelines Hand-

book, Sec. 711.1.