Michigan's Legislature is close to passing a bill requiring the state, county and local governments - including public pension funds - to disclose derivatives usage to the Michigan Department of the Treasury. The Treasury department then would pass the information on to Michigan's state library system, allowing the public to know about what kinds of derivatives are being used by Michigan government.
Different versions passed both the Michigan House and Senate. Now a final version needs to be passed by the Senate. A spokesman for Michigan Gov. John Engler said the governor is likely to sign the bill, even though it will create ``extra paperwork that isn't necessary,'' given Michigan's limited use of derivatives.