A key legislative committee approved a bill Thursday to give state regulators the power to reject proposed health insurance rate increases, but the measure faces a stiff fight on the California Senate floor.

The turmoil on Wall Street has hit the nation's largest public pension fund, which lost about $18 billion off the value of its stock portfolio from July 1 until Tuesday's market rebound.

The nation's largest public pension fund has posted its highest investment returns since before the recession, reporting returns of 20.7 percent for the fiscal year ended June 30, the fund's investment team announced Monday.

The monthly unemployment check is disappearing for the 1.2 million Californians who receive jobless benefits, to be replaced by a state-issued debit card, officials said Thursday.

A California legislative committee has approved a bill that would give state officials the power to reject proposed health insurance rate increases.

A bill that would allow state officials to reject rate increases proposed by health insurers is under intense lobbying pressure as it faces a key committee vote this week.

CA Gov. Jerry Brown signed legislation to enact labor contracts for more than 50,000 state workers that are expected to save more than $300 million a year.

California's state and local government workers make salaries similar to those at large private-sector employers but get significantly higher retirement benefits.