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Board adopts revisions to Treasury investment policy, expands permissible investments and adjusts duration rules
Summary
The State Board of Finance approved a consolidated redline of the Treasury Investment Policy expanding permissible commercial paper and corporate bond criteria, allowing certain municipal GO bonds, revising maturity measurement to weighted-average and adjusting CMOs/mortgage-backed limits to a 15-year average life with a 5% cap on longer-average-life purchases.
Treasury legal counsel TJ Fowler and Chief Deputy Treasurer Grant Wallace presented consolidated redline revisions to the Treasury Investment Policy and related money-management trust rules. Fowler said the redline combined stylistic edits to conform with the Code of Arkansas Rules and substantive changes affecting permissible asset classes and duration measurement.
Fowler described six substantive areas of change: removal of the 90/180-day maturity cap for commercial paper (noting commercial paper offerings rarely exceed 270 days), lowering the rating threshold for…
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