SENATE BILL REPORT

EHB 1395

BYRepresentatives R. Fisher, McLean, Anderson, Nealey and Wolfe; by request of State Investment Board

Exempting certain financial and commercial information from public disclosure.

House Committe on State Government

Senate Committee on Financial Institutions & Insurance

Senate Hearing Date(s):March 31, 1989

Majority Report:  Do pass.

      Signed by Senators von Reichbauer, Chairman; Johnson, Vice Chairman; Fleming, McMullen, Matson, Moore, Rasmussen, Sellar.

Senate Staff:Walt Corneille (786-7416)

                  March 31, 1989

AS REPORTED BY COMMITTEE ON FINANCIAL INSTITUTIONS & INSURANCE, MARCH 31, 1989

BACKGROUND:

The law pertaining to disclosure of public records contains exemptions for certain personal and other sensitive records.  Those exemptions currently number 23.  There is no exemption for financial or commercial information received by the State Investment Board relating to public trust or retirement funds. 

The Open Public Meetings Act provides for circumstances when a governing body may hold an executive session or special meeting.  Currently ten circumstances exist that allow executive or special meetings.

Often, the State Investment Board in making its decisions must come into possession of sensitive commercial information.  Disclosure could result in a loss to the providers of the information which may contain trade secrets.  Disclosure could also result in a loss to the funds managed by the State Investment Board.

SUMMARY:

Financial and commercial information supplied to the State Investment Board is exempt from public disclosure if it relates to the investment of public trust or retirement funds and would result in a loss to the provider of the information or to the funds.

The State Investment Board may hold closed sessions to consider financial and commercial information if it relates to the investment of public trust or retirement funds and public knowledge would result in a loss to the funds or to the providers of the information.

Appropriation:    none

Revenue:    none

Fiscal Note:      none requested

Senate Committee - Testified: No one