A bill is gaining momentum in New Mexico’s legislature to remove the governor from the New Mexico State Investment Council, which makes investment decisions for New Mexico’s $15 billion pension fund.
The proposal passed the state senate’s rules committee on Monday, and Susana Martinez, the current governor, said she agrees that neither she nor any other politician should be managing the state’s investments.
Efforts to change the rules come in the wake of a federal investigation into the council’s investment decisions during the administration of former Gov. Bill Richardson. The investigation looked into whether funds were channeled into projects the governor was alleged to have favored. No charges have been announced.