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SANTA FE, N.M. (AP) — A proposal to revamp the State Investment Council and reduce the governor's influence over the board that oversees $12 billion in endowment funds was unanimously approved by the House on Sunday.
The governor serves as the Investment Council's chairman and can control the nine-member board through his appointment power. The bill would expand the council's membership to 11 but reduce the governor's public appointments from three to two members.
The bill also allows legislative leaders to name four appointees, no more than two of whom can be members of the same political party.
The council would appoint the state investment officer rather than the governor, and appointed council members would be prohibited from having had any contracts with state investment entities two years prior to their appointment and two years after their term ended.
House Speaker Ben Lujan, D-Santa Fe, said the measure approved by the House is "much stronger" than a proposal that was vetoed by Gov. Bill Richardson after last year's legislative session.
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