COR Senate Fin and House BI

---------- DOCUMENT HEADER ----------

ARIZONA STATE LEGISLATURE

Forty-ninth Legislature – Second Regular Session

SENATE FINANCE AND HOUSE OF REPRESENTATIVES BANKING AND INSURANCE

COMMITTEE OF REFERENCE

FOR THE SUNSET REVIEW OF THE STATE BOARD OF INVESTMENT

Minutes of Interim Meeting

Tuesday, January 19, 2010

House Hearing Room 1 -- 3:00 p.m. or upon adjournment of House Special BI

Co-Chairman McLain called the meeting to order at 3:51 p.m. and attendance was noted by the secretary.

Members Present

Senator Barbara Leff	Representative David Bradley
	Representative Robert Meza
	Representative Doug Quelland
	Representative Carl Seel
	Representative Nancy McLain, Co-Chairman

Members Absent

Senator Ken Cheuvront
Senator Pamela Gorman
Senator Richard Miranda
Senator Jim Waring, Co-Chairman

Co-Chairman McLain welcomed everyone to this Committee of Reference (COR) meeting.

Rene Guillen, House Research Analyst, explained the Committee of Reference process, which conducts sunset and sunrise hearings for state agencies by reviewing and evaluating them. The purpose of today’s meeting is to determine the need for the agency, if it is meeting its statutory responsibilities as well as its constitutional responsibilities, and whether or not these responsibilities are necessary. The meeting will also allow the public to provide testimony to the Legislature regarding the agency. After hearing from the agency and the public it is the COR’s responsibility to make recommendations regarding that agency. The current session’s HB2075 addresses the continuation of the State Board of Investment (Board).

Dean Martin, Arizona State Treasurer, addressed the Committee to explain that the State Board of Investment is the trustee for the State’s investments. He serves as its Chairman and the Treasurer’s office performs the staff role for the Board. Mr. Martin explained that the proposed legislation in HB2075 includes fixes to problems in the past as well as some new suggestions appropriate for this sunset review. He described the Board’s function to provide a check and balance to the Treasurer’s Office.

He asked the COR to continue this Board for another ten years. He added that the individuals on the Board are not paid so there would be no savings if it were sunsetted.

Senator Leff moved that the Senate Finance and the House Banking and Insurance Committee of Reference recommend the continuation of the State Board of Investment for ten years. The motion carried.

Without objection, the meeting adjourned at 3:58 p.m.

__________________________________________

Jane Dooley, Committee Secretary

January 20, 2010

(Original minutes, attachments and audio on file in the Office of the Chief Clerk; video archives available at http://www.azleg.gov)

---------- DOCUMENT FOOTER ---------

COR - SENATE FIN AND HOUSE BI

January 19, 2010

---------- DOCUMENT FOOTER ---------