Fri January 31, 2014
Board To Get Total Control of Delaware Cash Management
DOVER, Del. (AP) - The state House has given final approval to legislation asserting that an unelected board dominated by political appointees, not Delaware's elected treasurer, has authority over the state's $2 billion cash investment portfolio.
The House voted unanimously for the bill Thursday, two weeks after its unanimous approval by the Senate. The legislation now goes to Democratic Gov. Jack Markell, whose administration pushed for the legislation.
The measure is aimed at resolving a long-running power struggle between Democratic Treasurer Chip Flowers and other members of the Cash Management Policy Board.
Since taking office in 2010, Flowers has clashed repeatedly over fund allocation and management issues with other members of the board, a nine-member panel consisting of the treasurer, three other state officials and five gubernatorial appointees.