Denise L. Nappier, Connecticut state treasurer, announced a...

Denise L. Nappier, Connecticut state treasurer, announced a comprehensive 11-point reform program developed to improve the investment decision-making process and open the door to full disclosure, following the scandal involving former Treasurer Paul Silvester. Key elements are developing a detailed investment policy statement that must be reviewed by the Investment Advisory Council; formalizing the council’s role in hiring investment advisers; imposing new limitations on a lame-duck treasurer’s ability to make certain investments; eliminating political influence peddling from the investment decision process; prohibiting a treasurer from directing the payment of fees; and requiring mandatory disclosure of payments to third parties by vendors and subcontractors. The proposals, which were unanimously endorsed by the council, will be forwarded to the state’s General Assembly, which meets in February.