Treasurer Magaziner Applauds House Finance Committee Passage of «Transparent Treasury» Bill

PROVIDENCE, RI – General Treasurer Seth Magaziner today praised the House Finance
Committee’s passage of H 5923 which creates a legislative requirement to continue
the «Transparent Treasury» investment policy implemented by Treasurer Magaziner
in 2015.
«Rhode Islanders deserve to know where their funds are invested and how they are
performing,» said Treasurer Magaziner. «The leadership shown by Representative
Carson, and members of the House Finance Committee, will help ensure that the
transparency
policies my office put into place will continue.»
The bill, which was introduced by Representative Lauren H. Carson (District 75 –
Newport), ensures that the transparency standards that were developed by Treasurer
Magaziner in 2015 will continue to be maintained and upheld.
When Treasurer Magaziner put his «Transparent Treasury» initiative into place in
2015 it was regarded as the most comprehensive transparency policy of any public
pension fund in the nation. At the time, former Securities and Exchange Commission
Chairman Arthur Levitt Jr. said Rhode Island’s transparency model «should be
implemented
by every public fund» in the nation. New York City, California and other large public
pension funds have since followed Rhode Island’s lead.
During his first months in office, Treasurer Magaziner launched a new investment
information center at treasury.ri.gov
[http://r20.rs6.net/tn.jsp?f=0017M7fF_w2tusvXKIvgy3L0jFx_LfocOWeDCUkd1rr0hnJxSv3CFQ5np5vM9d_Nw4lNyU6rHTk8xJPNFHhhNBNETMk29urYqAxaEfZdahwh9mO68rXBOHTrQdcu6-RewsaSOz0mNFUR2g62UMB3eKplIbcorkRghjyHkrWcg04DM5HCpP2m4pYJ3dRnBUyHaDG&c=8XCrnBPKJtjojvORsczDWucv5mMRZ8shImY6XazupIE9TBBghhA-lw==&ch=Ms_klVvSb4BfasLs-pFjhc61jDb5jp4ISFmIMcCQj_mRCNonFBsNPg==],
as well new data portal that offers unprecedented access to state treasury information.
The data is available to the public in sortable, downloadable and machine readable
formats. Rhode Island was also the first state in the nation to require that new
investments be placed only with fund managers that publicly disclose performance,
fees, expenses and liquidity.
«Transparency for the investments of our public pensions is good government,» said
Representative Carson. «I commend Treasurer Magaziner for initiating the pension
portal for public access. It is my honor to sponsor and pass legislation that codifies
this practices for years to come under future administrations,» added Carson.
The legislation will now move to the full House of Representatives for consideration.