New Hampshire House Bill HB595

New Hampshire 2023 Regular Session

• Introduced: 1/12/23
• Refer: 1/12/23
• Report Pass: 3/14/23
• Engrossed: 3/24/23
• Refer: 3/24/23
• Report Pass: 4/4/23
• Enrolled: 5/15/23
• Chaptered: 5/19/23
• Passed: 5/19/23

Caption

Relative to the oversight of the public deposit investment pool.

Impact

The legislation mandates that the state treasurer will oversee the system, supported by an advisory committee composed of representatives from different finance sectors. The committee will aid in establishing operational guidelines and selecting a private investment advisor to manage the pool. This approach aims to provide detailed disclosures similar to securities, ensuring transparency and accountability in how public funds are managed.

Summary

House Bill 595 (HB595) proposes a shift in the oversight of the public deposit investment pool from the banking department to the state treasurer. The bill allows the state treasurer, in collaboration with an advisory committee, to establish and operate a public deposit investment pool aimed at investing state funds and those from various public entities. This change is intended to streamline governance and potentially enhance the operational efficiency of public investments.

Contention

One point of contention surrounding HB595 is the transition of oversight responsibilities. By moving authority to the state treasurer, some stakeholders may express concerns about the centralization of decision-making power and how that may affect local governments' access to investment opportunities. Additionally, there is an emphasis on ensuring that costs incurred in the operation of the pool are transparently passed on, an aspect that stakeholders may want to scrutinize closely as the bill progresses.