Delaware Senate Votes Sole Cash Management Authority to Board
DOVER, Del. (AP) - The state Senate has unanimously approved 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 bill approved Thursday attempts to resolve disputes between treasurer Chip Flowers and other members of the Cash Management Policy Board.
Flowers blasted the legislation at a news conference on Wednesday, but Thursday's vote signaled a reconciliation of sorts between Flowers and Senate leaders.
After the vote, Flowers said he agreed with lawmakers that it did not strip powers away from the treasurer. He also said lawmakers agreed in return that many of the concerns he has about the board would be addressed later by a joint committee that conducts periodic efficiency review of state agencies and boards.