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Friendship Heights treasurer rebuts public accusations over CD reinvestments; council discusses investment policy and oversight
Summary
Treasurer Roy Schaeffer publicly defended his handling of maturing CDs and said the mayor was informed; council members debated fiduciary practice and agreed to expand committee notice and consider a cash‑management policy.
Treasurer Roy Schaeffer used the council meeting to respond at length to accusations from Chairman Bobby Pestronk that he had acted without proper procedure when rolling maturing certificates of deposit.
Schaeffer said the CD account was created by the prior council on Dec. 12, 2022, with signers authorized to be the mayor, treasurer and chairman; he said the chairman refused to sign and that the mayor and he now serve as signers. Schaeffer said he consulted the village’s investment adviser, Brian Kusky, and that he had emailed and spoken with Mayor Melanie White and the village manager about recommended rollovers. He read…
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