Legislative Committee Recomends Reforms for Cash Managment Board

May 9, 2014

Delaware Treasury Secretary Chip Flowers
Credit official photo

DOVER, Del. (AP) - A legislative committee has approved certain reforms for a board that oversees Delaware's $2 billion cash investment portfolio and which has been plagued by internal tumult.

The proposed changes to the Cash Management Board recommended by members of the Joint Sunset Committee on Thursday must be approved in legislation by the House and Senate.

The nine-member cash management board has been the subject of infighting between elected state treasurer Chip Flowers and other board members, most of whom are appointed by the governor or serve based on their cabinet positions.

Among the recommended changes approved by the committee Thursday is moving the board's administrative support from the treasurer's office to the department of finance and requiring board members to file annual financial disclosures.