Senate State Affairs hears gubernatorial appointment of Representative James Petzke to Endowment Fund board

The Senate State Affairs Committee heard gubernatorial appointment testimony from Representative James Petzke to serve as the legislative member on the Idaho Endowment Fund Investment Board; the committee did not vote on the appointment and said it will consider the nomination at a future meeting.

Chairman Guthrie opened the committee and introduced Representative James Petzke of Meridian. Petzke described the Endowment Fund Investment Board as the manager of the state’s permanent endowments and other permanent investments that produce income for state agencies, including public schools and higher education. He noted the board’s long-term goal is to produce stable returns and preserve funds for the long run.

Petzke described his background in finance and small business and said he serves on JFAC (Joint Finance-Appropriations Committee), where he regularly considers the distributions that rely on endowment returns. He identified one near-term challenge the board faces: recruiting and retaining investment-management talent in the public sector, which typically cannot match private-sector compensation for large-fund managers.

Committee members asked whether there is a statutory requirement for legislative representation on the board; Petzke said the statute requires one senator and one representative. The chair thanked Petzke and said the committee will consider the appointment at a later date; no final action was recorded in the transcript.