On Tuesday, February 20th, Representative Cliff Groh introduced House Concurrent Resolution 10 to establish standing committees in the House and Senate solely devoted to oversight of the Permanent Fund.
“The Permanent Fund has been critical to our state since its creation in 1976, and it will continue to become even more important in the future,” said Rep. Cliff Groh (D-Anchorage). “The legislature, and people of Alaska, need to have more oversight and accountability over the Permanent Fund to ensure Alaskans continue to realize the benefits of the fund for future generations.”
The Permanent Fund is governed by the Alaska Permanent Fund Corporation, whose six trustees are all appointed by the Governor without being confirmed by the legislature.
“Providing for more legislative oversight of the Permanent Fund will help the public, the legislature, and the Permanent Fund’s board and staff,” Rep. Groh said. “Establishing these committees will help educate the public and increase the expertise of policy-makers on this vital topic.”
A recent move by the Permanent Fund’s Board of Trustees to consider large-scale borrowing to seek greater returns has drawn criticism from numerous commentators, including former Governor Frank Murkowski.
“The legislature needs to take a bigger and more effective role in protecting and guarding the Permanent Fund against various threats, including excessively risky investment strategies and strains created by an antiquated legal structure,” Rep. Groh said. “Sustainable draws from the Permanent Fund now provide more than half of the funding for schools, roads, public safety, and Permanent Fund Dividends, making it even more crucial that we save the Permanent Fund to benefit Alaskans forever.”
HCR 10 has been referred to the House Rules Committee.
To follow the progress of the resolution, click here or text “HCR 10” to 559-245-2529.