I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
The Legislative Investments Oversight Committee meets today, and state Sen. Tim Keller is announcing a sweeping reform proposal that a news release from the Albuquerque Democrat says would “preserve the sanctity of our state funds and work to restore public faith in our investment process.”
Keller, a member of the committee, plans to discuss his proposal at the meeting, which comes as the state investment process is under scrutiny because of a third-party marketer scandal that started in New York and has spread to at least 30 other states, most notably New Mexico.
Among the reforms Keller is proposing are creating a formal oversight committee structure; redesigning the investment structure to separate stakeholders, experts and staff; requiring a public fund prospectus; requiring tracking of allocation and performance of “peer” funds; and, to reduce conflicts of interest, ending the use of advisors and fund managers.
“The recent issues surrounding our state funds speak to a clear need for better performance, accountability and the mitigation of conflicts of interest in our investment operations,” Keller said in a press release. “We need to address the structural causes that allowed this to happen. The public deserves more than just knowing what has been occurring inside our state investment funds. They want solutions.”
Keller released an accompanying policy memo, comparative analysis chart and another analysis document related to his proposal.
The committee meets in Room 322 at the Roundhouse starting at 10:30 a.m. Click here for the agenda.
