California lawmakers have thrown their support behind Dom Bei, the founder of a bitcoin-focused nonprofit, as he vies for a position on the board of the California Public Employees’ Retirement System (CalPERS).
CalPERS, which manages a colossal $500 billion in pension funds for more than 2 million public sector retirees, could see Bei as the first openly pro-bitcoin member if he secures a spot on the 13-member board.
Bei brings to the table 16 years of experience as a firefighter and is the mastermind behind Proof of Workforce, a nonprofit aimed at educating workers, unions, and pension funds about bitcoin. His journey also includes time on Santa Monica’s pension advisory board and significant involvement in the city’s firefighters union, where he was among the first to embrace bitcoin.
Bei, passionate about his mission, stated on Twitter, “I’ve dedicated over a decade to championing workers and wage-earners. Now, I’m running for the CalPERS Board of Trustees to protect our nation’s largest public pension, serving over 2 million participants!”
Through his initiative, Bei has guided many unions, associations, and pension schemes in considering and integrating bitcoin strategies, notably advancing educational efforts for the Wisconsin Retirement System. He commented on his candidacy, “Now more than ever, pension participants and stakeholders need to engage with their pension funds. My bid for the CalPERS Board aims to foster engagement and transparency while championing the long-term health and success of our country’s largest pension fund.”
Bei’s candidacy is bolstered by endorsements from a broad spectrum of supporters, including California State Senator Ben Allen, Tony Vazquez from the California Board of Equalization, Santa Monica Mayor Lana Negrete, Vancouver Mayor Ken Sim, and President of the Santa Monica Firefighters Local 1109 Garrett Childers, among others. This diverse backing underscores the wide-reaching appeal and strength of his vision.
CalPERS currently grapples with challenges posed by its traditional 60/40 portfolio strategy, as it faces pressures from inflation and rising interest rates. As ballots are distributed in late August, Bei’s expertise in bitcoin may resonate with California’s public workforce eager for innovative approaches to safeguard their retirement future.
Interestingly, his campaign is open to contributions in both traditional money and bitcoin, highlighting his commitment to embracing modern financial tools.
