Control of Cash Management Policy Considered in Delaware

Jan 15, 2014

Delaware Treasurer Chip Flowers
Credit official photo

DOVER, Del. (AP) - State lawmakers are poised to discuss a bill stating that Delaware's treasurer has no direct control over the state's $2 billion cash management portfolio. 

The bill, which was quickly tabled after being introduced last year, was scheduled for a Senate committee hearing on Wednesday.

State treasurer Chip Flowers, who has repeatedly clashed with Delaware's Cash Management Policy Board over who controls the portfolio, planned a news conference Wednesday in advance of the committee hearing to speak against the legislation.

Flowers, the elected treasurer, says the board, which includes several appointees of the governor, should not have a unilateral say on investment decisions.

But Gov. Jack Markell, who was elected three times as Delaware's treasurer, said Tuesday that the bill simply clarifies what has been common practice for some three decades.