One company has proposed an approach to pay to play abuse in the pension fund industry.

The president of Calpers urged fellow board members at the biggest U.S. public pension fund on Wednesday to back his plan to require placement agents to be subjected to laws for lobbyists in response to events alleging their “undue influence” over investment decisions.

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Under [Calper’s Board president Rob] Feckner’s plan, placement agents would be defined as lobbyists and could not be paid based on the outcome of any proposed investment action by the fund.

They would also be required to file quarterly reports of their activities, fees or other compensation and would face limits on gifts to individuals along with a prohibition on campaign contributions.