Contact: Lorraine Montoya-Vigil
(505)986-4723
FOR IMMEDIATE RELEASE
November 26, 2013
NMFA Oversight Committee Passes Legislation Aimed to Promote Transparency and Fiscal Responsibility
Santa Fe, NM —This week, the New Mexico Finance Authority (NMFA) Oversight Committee endorsed a piece of legislation to shore up several accountability and transparency issues within the authority. Those changes include: amending quorum requirements, enforcing member appointment through member votes, requiring expertise for all board designees, establishing an audit committee and imposing restrictions on members. Senate Majority Whip Tim Keller (D-17-Bernalillo) proposed the bipartisan bill along with Rep. James White (R-20-Bernalillo), which was modified from a bill vetoed last year by Governor Martinez.
“This year’s bill was written to accommodate the Governor’s board appointment concerns and to assure expertise on the board, and ensure fiscal responsibility,” said Sen Keller. “By institutionalizing an audit committee and requiring better board members attendance, we not only ensure accountability, but we maintain consistency. Everything this bill is trying to accomplish promotes transparency and assures the public that their best interest is at the forefront of this committee.”
The basis for the reforms comes from a governance study conducted by Hewitt Knupp at the behest of the legislative oversight committee in the wake of last year’s fraudulent audit. In the 2013 legislation session, Rep. White and Sen. Keller passed sweeping bi-partisan NMFA governance legislation, SB 12. The bill was vetoed by Governor Martinez based on her concerns over the removal of cabinet positions from the Board.
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