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Salvador Cruz interviews with Senate State Affairs on investment-advisory appointment; committee to vote later
Summary
Salvador Cruz, Financial Institutions Bureau chief and interim director at the Idaho Department of Finance, appeared before the Senate State Affairs Committee for appointment to the Treasurer's Investment Advisory Committee; Cruz emphasized adherence to the prudent-investor rule and said the board would be cautious about speculative assets such as precious metals.
Salvador Cruz appeared before the Idaho Senate State Affairs Committee as the governor's nominee to the Treasurer's Investment Advisory Committee.
Cruz, who introduced himself as Financial Institutions Bureau chief and interim director of the Idaho Department of Finance, described his background in retail banking, work with the U.S. Treasury and more than a decade at the state department. He told senators the advisory board would evaluate any new asset class under the "prudent investor" standard. "We are held to the prudent investor rule," Cruz said, adding that the board should avoid excessive risk with public funds and that his view would favor municipal securities and U.S. Treasuries over speculative investments.
Senators asked how Cruz would evaluate proposals such as allowing state investments in precious metals. Cruz said the advisory board would consider statutory direction from the legislature and guidance from the treasurer and the board, and would weigh risk and expected returns.
The committee thanked Cruz for his willingness to serve and said it will consider his appointment by formal vote at a subsequent meeting. No confirmation vote occurred during the hearing.
