State Treasurer Ted Wheeler is proposing the Investment Modernization and Cost Reduction Act.
The bill would establish Treasury's investment management division as a public corporation, transferring an obscure but critical piece of the state's bureaucracy outside the agency's auspices -- and outside the budgetary control of the Legislature.
Today, the Treasury division's 25 employees oversee some $70 billion in assets from the state pension, school and accident insurance funds. If the bill passes, they would be employees of the Oregon Investment Corporation, a quasi-public entity run by an independent board of directors, similar to Oregon Health & Science University.
Read more at OregonLive.com.