Delaware Panel Takes Up Cash Portfolio Board Issue

Apr 2, 2014

Treasurer Chip Flowers
Credit official photo

DOVER, Del. (AP) - A state legislative committee is reconvening to begin its review of the board that oversees Delaware's $2 billion cash portfolio.

Members of the Joint Sunset Committee were forced to postpone a hearing on the Cash Management Portfolio Board last month after the board chairman failed to appear.

The committee was to reconvene Wednesday to begin its review of the board, which has been the subject of infighting between state treasurer Chip Flowers and other board members. In a swipe at Flowers, lawmakers earlier this year approved a bill asserting that the unelected cash management board, which is dominated by political appointees, has authority over the investment portfolio. 

The Sunset Committee periodically reviews state agencies, commissions or boards to determine whether there is still a need for them.