Senate Votes on Override of Governor's Veto

For Immediate Release Tuesday, February 9 Senator Neville 505-320-0771 Senate Voted 33-4 to Override of Governor’s Veto of Bill to Shift Control of the State Investment Council away from Governor Santa Fe—The New Mexico State Senate this afternoon voted 33 to 4 to override the governor’s veto of a bill to shift control of the State Investment Council away from the governor after years of pay-to-play scandals hit the news media. Last year, both the Senate and House overwhelming passed the measure which was then vetoed by the governor. The bill now goes to the House for a vote on a veto override. 2/3 of those voting in the House would be necessary for the bill to become law immediately. It would not have to go to the governor again. The sponsor of last year’s SB-460-Additional Investment Appointees- Senator Steven Neville said the state never received the slightest explanation from the governor why he vetoed the bill that could re-instill more public confidence in the State Investment Council. The council has been caught up in one pay-to-play scandal after another with reports of governor insiders receiving millions in fees paid by recipients of state investments. Neville said he the bill would have made the state investment council more autonomous and less politically controlled. The governor not only chairs the State Investment Council, but he appoints most of the council’s members and hires the State Investment Officer. “In essence, one person- the governor- has control over $12 billion dollars worth of investments. Investments what were as high as $15 billion in recent years. As it stands now, the State Investment Council has nine members and is essentially able to push through a governor’s request because the governor is chairman of the council, plus the governor has control over six of the eight remaining members,” Neville said. “That needed to change. The legislature wanted the change, but the governor did not.” Senator Neville’s bill would have increased the council’s membership from nine to 13 and would have removed the governor’s power to appoint members. The five standing members would have remained, those being the governor; State Investment Officer; State Treasurer; the Commissioner of Public Lands and the Department of Finance and Administration cabinet secretary. Four members would have been appointed by the Republican and Democrat leadership in the Senate and the House. Then, together, the nine members would have appointed four public members who would have been confirmed by the Senate. Governor Richard pocket vetoed Senate Bill 460 without a written veto message.