...a (potentially) big one for New Mexico:
SFReeper just got word from
of
that
, D-De Baca, introduced HB 118, a bill aimed at
banning political contributions from lobbyists and special interest groups.
Read the
bill summary
from Think New Mexico, which has been pushing for the bill as part of its 2010 ethics initiative, and details about Sen. Tim Keller's separate ethics bill after the jump.
Summary of HB 118, via Think New Mexico:
Meanwhile, in the other half of the Roundhouse, the
Senate is working on its own ethics bill.
Sen.
, D-Bernalillo, sends the following summary of
, his proposal for restructuring the
State Investment Council:
SB 18s first stop will to the Senate Rules committee where several amendments are expected. The bill, which was deliberated in the interim investment oversight committee and legislative finance committee, considers reforming the state investment council (SIC) and other state funds:
A) SIC board restructuring: similar to last years SB460, adds seats appointed by legislature, but the new version will make this apply to all state funds
B) Governance reform: to address structural concerns regarding alternative investments, chief investment office (CIO) reporting relationships, hiring/firing of 3rd parties responsibilities and providing for adequate oversight expertise, Summary Modifications:
o CIO positions for all funds will be hired by the respective board or council (current they are appointed by the Governor)
o Hiring and firing of all third party ultimately up to the respective board or appropriate advisory committee (currently in practice or in law the responsibility of the CIO)
o Appointment of advisory committee members by respective board (for the SIC currently done by the Governor)
o All funds wishing to investment more than 10% of the fund in an “alternative investment” are required to create advisory committee to review all related transactions comprised of individuals who have 10 years of experience in that particular asset class. Committees would be dissolved if investment allocation drops below 5%. The idea here is really to ensure that there is someone “in the room” with relevant asset class experience to provide oversight to the hiring of third parties and investments in alternative investments.
Keller will hold a press conference tomorrow. In the meantime, check out
of whistleblower Frank Foy's testimony before the Senate Judiciary Committee.
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