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Board votes to pull proposed investment rules back for broader review; consultants outline possible guideline expansions
Summary
The board authorized DFA and the Treasurer's Office to pull proposed rules from the Arkansas Legislative Council for a holistic review. Consultants from Federated Hermes and Arnold & Porter recommended clarifying guidelines to allow corporate obligations, institutional CDs, SEC Rule 144A and Reg D private placements, and applying a prudent-investor approach.
The State Board of Finance voted to ask the Department of Finance and Administration and the Arkansas State Treasurer's Office to request that the Arkansas Legislative Council return a set of proposed investment rules so the board can conduct a broader, consultant-led review before beginning the administrative rulemaking process.
Chief Deputy Treasurer Grant Wallace told the board the office engaged Federated Hermes and legal consultants from Arnold & Porter to review the statute and current guidelines. David, a…
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