Senate rules committee advances two State Investment Council nominees to full Senate
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Summary
The Senate Rules Committee voted to advance Mary Patricia Roman and John Bingaman to the full New Mexico Senate for confirmation. Both nominees described experience managing large portfolios; the committee recorded an 8‑0 voice approval for Roman and a 9‑0 recorded vote for Bingaman to reach the floor.
The New Mexico Senate Rules Committee advanced two nominations to the full Senate on the committee’s Friday agenda: Mary Patricia Roman and the reappointment of John Bingaman to the State Investment Council.
Senator Campos introduced Mary Patricia Roman, telling the committee she is “ultra qualified” and has more than 34 years of experience in the global investment arena, including seven years on New York trading floors and senior roles at JPMorgan. Roman told the committee her experience includes building a regional private bank operation and managing client portfolios across virtually all asset classes.
Roman said the State Investment Council’s staff and processes are central to evaluating investments and that, in her three years advising the council, she has observed the “robust” vetting and manager‑selection practices used by the SIC. She told the committee she would bring an asset‑allocation and fiduciary focus if confirmed.
After brief committee questions about staffing and whether the SIC could assist pension funds, a motion was made to advance Roman to the full Senate. The committee recorded eight members in favor and no formally recorded opposition; Roman will proceed to the Senate chamber for consideration.
The committee also advanced the reappointment of John Bingaman, the current SIC chair and founder of Iron Creek Partners in Santa Fe. Bingaman told the committee the state’s sovereign wealth funds have grown to about $70 billion and that those funds deliver distributions that support early childhood programs, K‑12 education and higher education. “These funds must continue to be managed with the highest degree of integrity and professionalism,” Bingaman said.
Bingaman described steps the SIC has taken, including recruiting a new state investment officer and expanding an in‑state venture capital program intended to bring companies and jobs to New Mexico while delivering market‑rate returns. After discussion, the committee voted 9‑0 to move Bingaman’s reappointment to the full Senate.
What’s next: Both nominations will appear on the Senate floor calendar for confirmation votes. The committee discussion emphasized the SIC’s growth in assets and the need for additional staff to manage those funds.
