Thursday, April 01, 2010
Legislative Leaders Appoint 4 to SIC
By Dan Boyd
Journal Capitol Bureau
SANTA FE — New Mexico legislative leaders appointed four members — two Democrats and two Republicans — to the revamped State Investment Council on Wednesday over objections that candidates should have been examined more thoroughly.
Among the four SIC members appointed are former Republican state Sen. Leonard Lee Rawson of Las Cruces and retired financial executive Peter Frank, who had been serving on the body before lawmakers passed a bill earlier this year to overhaul its membership.
The two other individuals appointed Wednesday by the Legislative Council are Lordsburg banker Michael Martin and Clayton banker Craig Reeves.
Members of the Legislative Council voted 11-4 in favor of the appointments, though some expressed concern about the rushed selection process.
"It seems like everybody who's being nominated is friends of ours or acquaintances of ours," said Sen. Cisco McSorley, D-Albuquerque.
The appointees will face confirmation hearings in the Senate but begin serving immediately on the SIC, which oversees more than $13 billion in investments and has been beset by allegations of investment malfeasance over the course of the past year.
Although some legislators voiced concerns about the rushed process and lack of evaluation of candidates, others defended the choices.
"I don't want to leave the impression it's been a willy-nilly process," said House Majority Leader Ken Martinez, D-Grants. "It's been a good process."
The four legislative appointees will join two appointees announced by Gov. Bill Richardson last month — Catherine Allen and Doug Brown — and various elected and appointed officials on the 11-member SIC.