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Pennsylvania State Senate
05/14/2024 03:19 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20190&cosponId=29670
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: May 28, 2019 04:25 PM
From: Senator David G. Argall
To: All Senate members
Subject: Prudent Person Investment Standard
 
I will soon be introducing legislation to extend the authority of the State Treasurer to invest funds in the State Treasury according to the prudent person investment standard.

Under this standard, the State Treasurer is required to act as a fiduciary with the care, skill, prudence, and diligence that a prudent person would use.

First applied in the State Treasurer's office in 2008, the legislation has been extended several times. It is currently scheduled to expire in 2019 but under this legislation, it would not expire until 2024.

I hope you will join me in cosponsoring this legislation.


Introduced as SB712