Flowers Offers Cash Management Policy Board Reform Proposals to Joint Sunset Committee

Source: WDDE

State lawmakers say they will consider new oversight measures suggested by State Treasurer Chip Flowers for the board supervising Delaware’s $2 billion cash portfolio.

The Joint Sunset Committee (JSC) held a second hearing on the Cash Management Policy Board Wednesday after the first one last month fell flat, with board chair John Flynn failing to attend and tensions between State Treasurer Chip Flowers and the board blossoming once again.

Lawmakers gave the board complete control over the state’s cash portfolio in February. Now, Flowers is lobbying for reforms to the way the entity operates. His proposals include more frequent meetings, adding legislators on the board, and strengthening financial disclosure requirements for members appointed by the governor.

After accomplishing nothing in last month’s first attempt to examine those proposals, JSC Co-chair Sen. Nicole Poore (D-12th District) says this meeting went better than she had anticipated.

“The state treasurer was able to come up with some ideas that the board is agreeing to and or maybe its always been agreed to. I’m not really sure because we’re not really privy to those meetings. So, in stating that, I think it was much better and we’ll see some successes at the end of this [General Assembly] session,” said Poore.

The JSC’s other co-chair, Rep. Gerald Brady (West Wilmington) says the committee is behind increasing financial disclosure, but he doesn’t want to see lawmakers being a part of the body.

The committee did not officially act on any proposals at the hearing, but Flowers says he still views it as a positive step.

“There is nothing concrete except the fact that we have people on record saying that they’d be supportive of it. Before we had a hearing today, people were opposed to all those concepts. Today, they have a different tune, so that’s one step. We’re moving in the right direction,” said Flowers.

JSC will issue their recommendations on changes to the Cash Management Policy Board in May.

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