State Treasurer Ted Wheeler is proposing the Investment Modernization and Cost Reduction Act.
State Treasurer Ted Wheeler is proposing the Investment Modernization and Cost Reduction Act.
The bill would establish Treasury’s investment management division as a public corporation, transferring an obscure but critical piece of the state’s bureaucracy outside the agency’s auspices — and outside the budgetary control of the Legislature.
Today, the Treasury division’s 25 employees oversee some $70 billion in assets from the state pension, school and accident insurance funds. If the bill passes, they would be employees of the Oregon Investment Corporation, a quasi-public entity run by an independent board of directors, similar to Oregon Health & Science University.
Read more at OregonLive.com.
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