Copyright © 2014 Albuquerque Journal

In today’s global economy, New Mexico may be losing a lot of money because the state constitution limits how much the State Investment Council can invest in foreign markets.

Voters will be asked to change that on the Nov. 4 ballot, which includes a proposed constitutional reform (amendment No. 5) to lift the current 15 percent cap on international investments out of the Land Grant Permanent Fund, the largest state fund that the SIC manages. Council members say that could pave the way for tens of millions of dollars more in returns to the state’s permanent funds.

Council member Harold Lavender said the issue is of “critical importance” in a speech to the Albuquerque Economic Forum on Wednesday morning.

“This would remove a constitutional cap on foreign equity investments that have worked to our disadvantage over the last several years,” Lavender said. “It has cost us money.”

Read more here: http://www.abqjournal.com/484654