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In the recently completed 2011 legislative session, Senate Bill 17 (Keller, D-Bernalillo & Neville, R-Aztec), a bill designed to complete SIC reforms by removing the governor as chairperson, passed with wide bi-partisan support.
It now sits on the governor’s desk waiting to be signed. SB-17 was carefully crafted in the interim, by the bipartisan Investment Oversight Committee, long before the recent gubernatorial election.
It is composed of original sections from the 2010 bill including sections to ensure minority party legislative appointments.
It now also includes an amendment that allows the Governor to serve for two more years in the Chairperson role before removing the position all together.
Signing SB-17 provides our new governor with an appropriate chance to oversee a transition and recovery of lost funds and then turn over the reins at the SIC.
In 2010, the legislature passed landmark reforms (Senate Bill 18) of the State Investment Council (SIC)in response to conflicts of interest, legal investigations and governance challenges at the SIC. These reforms reflected multiple governance recommendations from the 2010 interim independent bipartisan Enis Knupp Report.
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