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Work group seeks narrow cleanup to let treasurer recover costs on precious‑metals purchases
Summary
Members proposed a technical amendment to allow the state treasurer to deduct administrative costs (delivery, vaulting, insurance) when investing rainy‑day funds in precious metals. Participants said the change is clerical and recommended a committee bill to expedite passage.
Committee discussion identified a narrowly targeted bill (bill 1) intended to add a single technical sentence to statute so the treasurer's office may recover administrative costs tied to precious‑metals investments. Treasury-affiliated participant (S5) described proposed language: "state treasurer may deduct any administrative costs incurred in investing precious metals... including delivery and vaulting costs" so interest generated can be deposited net of these costs.
Members characterized the change as non‑substantive "cleanup" language that simply clarifies existing intent and suggested filing it as a committee bill early in the session to move it quickly if chairs concur. Several members nevertheless requested the exact draft language and cautioned they would withhold formal endorsement until they reviewed the text.
