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Senate panel backs due-pass for bill requiring public website for investment board
Summary
The Senate Industry and Business Committee voted 5-0 to give a due-pass recommendation on engrossed House Bill 1319, which would require a public-facing website for the state investment board's legacy fund. State investment office staff warned some proposed amendments were too prescriptive and urged adoption of a simpler House version.
The Senate Industry and Business Committee voted 5-0 to recommend a due pass for engrossed House Bill 1319, a bill that would require the state investment board to maintain a publicly accessible website with certain investment disclosures.
Supporters said the website would reduce the number and cost of open-records requests by letting people look up key legacy-fund information online. "We could redirect people to this website," Jody Smith, interim executive director of the Retirement and Investment Office, told the committee. She said the office manages 31 funds and that the legacy fund is just one of them, and that a searchable site would reduce staff time spent fulfilling requests currently provided as lengthy PDFs.
Why it matters: The legacy fund is a sovereign wealth…
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