NU Online News Service, May 9, 3:40 p.m. EDT--California Assemblyman Mark Ridley-Thomas, D-Los Angeles, has withdrawn his bill mandating insurance industry community redevelopment investments from consideration this year.
Vincent Harris, chief of staff to Mr. Ridley-Thomas, said the bill was withdrawn to allow the California Department of Insurance to conduct a data call of state licensed insurers regarding their investment practices.
"Many of the insurers claim they already invest in the state and that the one percent would be a burden," Mr. Harris said. "And the advocates claim the figure is way too low."
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