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Committee approves updates to treasurer's investment statutes in SB454
Summary
The committee passed SB454, which updates state treasurer statutes on allowable investments, replaces a three-quote bidding phrase with a competitive-procedure standard approved by the state board of finance, and changes an internal designation for a compliance officer.
The Senate Insurance & Commerce committee approved SB454, a bill to update multiple provisions of the state treasurer’s statutory code to reflect current investment practice and oversight.
State Treasurer’s Office representative Ed Garner introduced himself for the record and answered the committee’s questions about the proposal. Sponsor remarks said the bill removes language requiring purchases and sales of securities be made “upon receipt of not less than three quotation bids” and instead requires that transactions be executed through securities brokers under a competitive procedure approved by the State Board of Finance, with the goal of obtaining optimal price and value and avoiding preference for any one broker.
Senators asked whether the change preserved competitiveness; the sponsor and Garner said the treasurer’s office will use available real-time trading tools and Board-approved broker criteria to maintain competitive execution. The bill also adjusts statutory language concerning investment-grade ratings and updates a designation for a chief compliance officer in the treasurer’s office.
No public opposition was raised at the hearing. After discussion, the committee voted to pass SB454.
