After consolidating three bills into one, the Senate Rules Committee made a few more big changes to a bill designed to reform the State Investment Council.

“Blending these three bill together we finally have true reform,” said Sen. Cisco McSorley, D-Albuquerque.

The new bill would change the State Investment Council (SIC) in several ways:

  • The Governor would be removed from the SIC.
  • The SIC would select the State Investment Officer, not the Governor.
  • The SIC would gain the authority to hire and fire management services. That is now the purview of the State Investment Officer.
  • The Governor would appoint only three members of the SIC (and only 2 from the same political party).
  • If a member of the SIC misses three meetings in a row, they would lose their seat.
  • Seven appointed public members of the SIC must have 10 years experience in investment or finance.

“This appears to be a pretty good shot, pretty good stab at it,” said Sen. Tim Jennings, D-Roswell, talking about the bill, “As long as we don’t add too much to this to give someone a reason to veto the thing.”

The committee however, did change a few things. Originally the Governor had four selections to the SIC, and the number of meetings members could miss was also at four.

The bill will now head to the Senate Finance Committee.