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Pennsylvania State Senate
08/16/2024 10:09 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?SPick=20230&chamber=S&cosponId=41976
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: January 19, 2024 10:36 AM
From: Senator David G. Argall
To: All Senate members
Subject: Extending the Prudent Person Investment Standard
 
I will soon introduce legislation to extend the authority of the State Treasurer to invest funds according to the prudent person investment standard.
 
First applied in the State Treasurer's office in 2008, the legislation has been extended several times. This standard is currently set to expire on December 31, 2024 but legislation that I am proposing would extend its use until 2034.  
 
Five years ago, I introduced legislation to extend this standard until the end of 2024 and that legislation passed with overwhelming, bipartisan support.
 
With billions of dollars in assets under direct management, the Treasury would not be able to maximize our Commonwealth’s return on its investments if the prudent person investor standard expires.
 
Please join me in co-sponsoring this legislation.


Introduced as SB1056