California Public Securities Association
According to the association's website, "Cal PSA is also an active partner with local government. Over the years, we have supported the League of California Cities, the California State Association of Counties and the California Redevelopment Association...Cal PSA and the public securities industry work as allies with local government to protect local government finances."
C-PSA was founded in 1982.
Between 2000-2010, C-PSA contributed $1.85 million to ballot proposition campaigns in California.
Some of the specific donations include:
- $275,000 opposing Proposition 98 (2008).
- $250,000 supporting Proposition 1A (2004)
- $250,000 supporting Proposition 22 (2010)
- $150,000 opposing Proposition 26 (2010)
In January 2011, it was learned that C-PSA is the focus of a probe by the Financial Industry Regulatory Authority (FINRA), a federal agency.
FIRA sent a letter on January 18, 2011 to the approximately 30 organizations that belong to C-PSA. The January 18 letter indicates that FINRA is trying to determine whether any violations of federal securities laws have occurred. The letter requires those it who received it to respond by February 1, 2011 and to:
- Provide the date, amount and purpose for payments to C-PSA or its political committees.
- Describe whether any such payments were membership fees, were related to the company’s underwriting of a particular bond issue or were
- Provide minutes of meetings dating back to January 2006.
- Say whether any of the firms that belong to C-PSA received refunds of payments, including from municipalities.
The January 18 letter from FINRA was signed by FINRA's principal counsel, Gina M. Petrocelli. It says that the fact that the inquiry has been opened does not mean that FINRA has found evidence of any wrongdoing.