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Board introduces ordinance to reauthorize delegation of investment authority to Treasurer Hank Levy after hours of public comment
Summary
After extensive public comment both supporting and criticizing Treasurer Hank Levy, the Alameda County Board of Supervisors introduced an ordinance reauthorizing the board’s annual delegation of investment authority to the elected treasurer and voted unanimously to move the ordinance forward for adoption.
Alameda County supervisors voted on Dec. 9 to introduce an ordinance that would reauthorize the Board’s delegation of investment authority to County Treasurer Hank Levy.
The matter drew a long public‑comment period, with supporters saying the county’s investment pool showed strong returns and calling for immediate implementation of an Ethical Investment Policy. “The investment pool has generated close to $400,000,000 in income during the last fiscal year,” said Lori Weinstock, a longtime Alameda County resident, urging the board to retain the treasurer’s delegated authority. Several speakers framed recent critiques of Levy as politically motivated or discriminatory; others urged oversight and independent review.
Critics raised questions about transparency and performance. Chris Moore, a member of the public, told the board he had reviewed peer analyses and said he found inconsistencies in the treasurer’s reported rankings and returns. County staff and counsel repeatedly emphasized statutory constraints: County Counsel explained that if the board does not delegate, the board itself would assume fiduciary duties and be subject to the prudent‑investor standard.
Supervisor Miley (Meili) introduced and moved to waive the full first reading and introduce the ordinance; the motion was seconded and the roll‑call vote to introduce passed unanimously. County staff said the delegation, if not renewed, would expire Dec. 31 and the board would then carry direct fiduciary obligations over the treasury pool.
The ordinance’s introduction does not end separate oversight steps the board has directed: supervisors noted the existing county investment policy remains in effect and that the Finance Committee will review the Ethical Investment Policy and may commission an independent peer review.
What happens next: the ordinance was introduced (first reading) and will return to the board for its next steps under the normal ordinance schedule. The Finance Committee’s review of the EIP and any independent peer review will proceed on their separate timelines.
