The Delaware Senate unanimously voted to approve a bill that clarifies the powers of the state’s Cash Management Policy board and earned props from State Treasurer Chip Flowers.
Senate Bill 151 clarifies that the nine member board, not the state treasurer alone, makes the decisions on the state’s $2 billion cash investment portfolio, a practice the state has had in place for decades.
“It does not strip of any power from the state treasurer, it simply clarifies the statue of the Cash Management Policy Board’s role in investing the state’s short term money,” said Sen. Patricia Blevins (D-Elsmere).
Flowers, who previously had issues with the bill, proposed what he called “Honest Way” amendments to the bill yesterday in the Senate Executive Committee meeting.
While the committee members ultimately decided not to add the amendments, Senator Blevins said some of Flower’s suggestions should be taken into consideration when the Cash Management Policy Board goes before the Joint Sunset Committee this year.
Following the Senate vote today, Flowers thanked a handful of senators on his Facebook page.
“Special thanks to Senators Blevins, McBride, Henry, McDowell, Marshall and Hall-Long for brokering this deal to reform the Cash Board and give merit to the Honest Way,” stated Flowers.