Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Governance topic
No spam. Unsubscribe anytime.
PFE subcommittee votes to ask full board to codify manager's temporary buyer-approval authority
Summary
The subcommittee voted to send a proposal to the full board that would authorize the exchange manager to provisionally approve new buyers when they meet application and line-of-credit requirements; the motion passed by roll-call vote and will be presented at next week's board meeting.
Meredith Mendelson moved that the subcommittee refer to the full board a proposed rule allowing the exchange manager to temporarily approve new buyers when they have submitted an application, provided a line of credit and met due-diligence requirements; John Arnold seconded.
Committee members discussed safeguards including requiring the buyer to complete the application process, provide a line of credit (several members referenced a typical $15,000 credit level), and the manager's discretion being time-limited pending full board approval. "Provided that customer still went through the process of applying and providing line of credit," a member said during discussion about potential amendments.
On roll-call, members voted in favor of taking the rule to the full board: John Arnold (yes), Meredith Mendelson (yes), Mary Hudson (yes), a voting Rob (yes) and Chair Tracy Pierce (yes). The chair confirmed the motion will go to the board meeting next week for consideration and possible amendment.
Members asked Robert Vanmeter to prepare a formal proposal for the board and to include any recommended safeguards (credit thresholds, temporary limits) so the board has a concrete draft to consider. Kayla and Heather committed to follow up with Vanmeter to ensure the proposal and supporting materials are ready for the board packet.
