6468-S AMH HASE REIN 094

SSB 6468 - H AMD TO WAYS COMM AMD (H-4495.1/12) 1296

By Representative Hasegawa

FAILED 03/02/2012

    On page 1, line 12 of the striking amendment, after "RCW 43.33A.140" insert "and in a manner intended to promote positive short-term or long-term effects upon any or all of the people, communities, businesses, or environment of the state of Washington"

    On page 1, after line 19 of the striking amendment, insert the following:

    "Sec. 2.  RCW 43.33A.110 and 1994 c 154 s 310 are each amended to read as follows:

(1) The state investment board may make appropriate rules and regulations for the performance of its duties.  The board shall establish investment policies and procedures designed exclusively to maximize return at a prudent level of risk.  However((,)):

(a) In the case of the department of labor and industries' accident, medical aid, and reserve funds, the board shall establish investment policies and procedures designed to attempt to limit fluctuations in industrial insurance premiums and, subject to this purpose, to maximize return at a prudent level of risk; and

(b) In the case of the University of Washington and Washington State University operating funds investment accounts, the board shall establish investment policies and procedures designed to promote positive short-term or long-term effects upon any or all of the people, communities, businesses, or environment of the state of Washington. 

(2) The board shall adopt rules to ensure that its members perform their functions in compliance with chapter 42.52 RCW. 

(3) Rules adopted by the board shall be adopted pursuant to chapter 34.05 RCW."

    Renumber the remaining sections consecutively and correct any internal references accordingly.

EFFECT: Requires the State Investment Board (SIB) to invest an operating funds investment account in a manner intended to promote positive effects on the state's people, communities, businesses, or environment. 

    Also requires the SIB to establish investment policies and procedures designed to promote such effects.

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