The $11.7 billion New Mexico State Investment Council would have more members appointed by the state Legislature and a majority of the council chosen with the advice and consent of the state Senate under a new bill.
Under the bill sponsored by New Mexico state Sen. Steven Neville, Gov Bill Richardson would continue to chair the Santa Fe-based council, which would still include state Treasurer James Lewis. However, the councils membership would increase to 13 from nine, and the three gubernatorial appointments would be replaced by eight members, of which four would be appointed by legislators.
Other positions maintaining council seats under the proposal would be the state investment officer, commissioner of public lands, and the secretary of the department of finance and administration. A CFO of a state higher education institution, currently on the council, would be removed.
Pending legislative approval and Mr. Richardsons OK, the changes would be effective July 1. The bill was introduced Feb. 3 and is before the Senate Finance and Public Affairs committees.