Wednesday, January 15, 2014 - 2:08pm
Del. lawmakers seek to limit state treasurer's power
Updated Wednesday, January 15, 2014 - 4:05pm
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|VIDEO: State Treasurer Chip Flowers blasts a new bill that would limit his power and proposes the Honest Way Amendment.|
Delaware's state treasurer is blasting the Markell administration over its effort to strip away any ability he might have to manage the state's $2 billion cash management portfolio.
Treasurer Chip Flowers spoke out against a bill that's in would give the unelected Cash Management Policy Board sole authority to decide how to manage the portfolio.
He also suggested that at least one member of the board, which includes several appointees of the governor, has financial conflicts of interest.
"The governor gets the political contribution; the board member makes money off the investment and the relationship with the bank, the banks get millions in extra deposits, and I have to sign the document so when it goes bad my signature is on the dotted line for law enforcement. Most importantly, taxpayers pay for the whole racket," Flowers says.
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Flowers has proposed the Honest Way Amendment that sets term limits for board members, requires them to disclose financial interests and bars board members from contributing to state political campaigns.
The bill will be up for debate in the Senate Executive Committee Wednesday.
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