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NVTA finance committee backs updated investment policy, aims for certification
Summary
The NVTA Finance Committee unanimously recommended authority approval of an updated investment policy that consolidates governance, clarifies trade execution and barred investments, and positions the authority to seek professional investment-policy certifications; the policy will go to the full authority in September.
The Northern Virginia Transportation Authority Finance Committee on July 9 voted unanimously to recommend that the full authority adopt an updated investment policy intended to consolidate guidance, align with certification standards, and expand clarity around governance and prohibited investments.
Jesswinder Chen of NVTA staff summarized the draft, saying the update was prepared so the authority could pursue certification by relevant professional bodies and to consolidate scattered policy language into a single unified investment policy. The draft retains the authority's conservative approach and restates liquidity and yield priorities while adding more explicit trade-execution steps, a delegation of investment authority to a designated CFO and investment manager, and expanded prohibited instruments such as foreign-currency securities and securities outside U.S. regulatory oversight. Chen said the policy includes a business-continuity section and an annual formal review process.
Committee members asked whether external experts had reviewed the draft. Staff said certification processes and auditors provide outside validation and that the external audit firm reviews the investment policy as part of regular audits. Members discussed whether chief financial officers of member jurisdictions should be encouraged to review the draft and suggested staff circulate the draft for additional eyes before the September authority meeting.
A motion to recommend the policy to the authority passed by voice vote; staff said the full authority is scheduled to consider the item at its next meeting in September.
The committee also heard that cybersecurity and artificial-intelligence policies are being developed at staff direction and will be presented in September, with the cybersecurity document being limited in public detail because it would reveal defensive practices.
