FINAL BILL REPORT

                  HB 1422

                         C 228 L 99

                     Synopsis as Enacted

Brief Description:  Authorizing the state investment board to directly order actions relating to securities.

Sponsors:  Representatives H. Sommers, Huff, Benson, Hatfield and McIntire; by request of State Investment Board.

House Committee on Financial Institutions & Insurance

Senate Committee on Commerce, Trade, Housing & Financial Institutions

Background:

The Legislature created the Washington State Investment Board (SIB) in 1981 to administer public trust and retirement funds.

The State Treasurer may register the SIB's securities in the name of a nominee, often a custodian bank.  The nominee acts, with respect to the securities, only upon the order of the State Treasurer, who in turn acts only at the direction of the SIB.

Summary:

The State Investment Board will directly order a nominee in whose name SIB securities are registered to take action regarding the securities.

Votes on Final Passage:

House970

Senate470

Effective:July 25, 1999