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Get busy reforming investment council

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By The Staff

It is no secret New Mexico’s State Investment Council (SIC) is in serious need of greater reform and oversight. Whether the issue is the widely-reported and greatly-inflated fees paid to third-party marketer Marc Correra or the lack of transparency in its decision making process, the issue is not whether the council needs to be reformed, but how broad and deep those reforms must be.

The special session that Gov. Richardson plans to call later this summer – in addition to distributing federal stimulus funds and revisiting the budget – should be used to revive efforts to reform the SIC.

One reform effort introduced during the last legislative session, which would have removed the Executive Branch’s iron grip over the SIC, was introduced by Sen. Neville of Farmington.

The bill passed both Houses with bi-partisan support only to be vetoed by the governor.

Reviving this legislation and removing the SIC from the control of one politician would be a start, but it should by no means end the reforms made to the SIC. The amount of money managed by the SIC is simply too great to be managed by an appointed board operating with a broad mission and little public oversight.


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