Fri January 10, 2014
Bill Barring Treasurer Control Over Cash Portfolio in Delaware
DOVER, Del. (AP) - State lawmakers are resurrecting a bill stating that Delaware's treasurer has no direct control over the state's $2 billion cash management portfolio.
The bill, which was quickly tabled after being introduced last year, is scheduled for a Senate committee hearing next week.
Consideration of the legislation comes after the attorney general's office ruled in November that the Cash Management Policy Board has sole legal authority to make investment decisions regarding the portfolio, and that the treasurer is subject to its directives.
The board asked for the attorney general's opinion after repeated clashes with Treasurer Chip Flowers over management of the portfolio.
Flowers has long argued that the board, which includes several appointees of the governor, should not have a unilateral say on investment decisions.