West Virginia House Bill HB2936

West Virginia 2022 Regular Session

• Introduced: 1/12/22
• Refer: 1/12/22

Caption

To permit the Board of Treasury Investments to compensate appointed members for each meeting attended and to eliminate certain outdated and contradictory investment restrictions.

Impact

The likely impact of HB 2936 extends to the governance of public funds in West Virginia, as it empowers the Board with greater authority and flexibility in investment decisions. By enabling compensation for board members, it may attract qualified individuals with relevant skills and experience in finance and investment management. The removal of outdated investment restrictions is expected to facilitate improved investment strategies, potentially leading to enhanced returns for the Consolidated Fund while ensuring compliance with contemporary investment standards.

Summary

House Bill 2936 proposes amendments to the Code of West Virginia that are designed to modernize and enhance the operational capabilities of the West Virginia Board of Treasury Investments. Primarily, the bill permits the Board to compensate its appointed members for each meeting attended, thus addressing administrative functions and ensuring adequate representation and expertise. Additionally, it seeks to adjust existing investment restrictions that may be outdated or contradictory, thereby allowing for more flexibility in managing the Consolidated Fund.

Sentiment

The sentiment surrounding HB 2936 appears generally positive among proponents who view the legislation as a necessary step toward modernizing the governance of state investment practices. Supporters argue that the bill will promote better financial oversight and management of public funds. However, some concerns have been raised regarding the implications of increased compensation for board members and whether the proposed changes adequately address the need for transparency and accountability.

Contention

Notable points of contention might arise regarding the appropriateness of compensating board members, as some stakeholders could perceive this as an unnecessary expenditure of public funds. Additionally, any modifications to the investment restrictions must be carefully scrutinized to ensure they do not compromise the safety and prudence traditionally expected in public fund management. Thus, while the bill aims to enhance operational efficiency, it may also foster debate regarding financial governance principles in the context of public investments.