OPPOSES REMOVING TREASURER FROM TOBACCO BOARD
HARRISBURG, November 25, 2000 – State Senator Vincent J. Fumo
(D-Philadelphia) issued the following statement today regarding
Republican-sponsored legislation deleting the office of state Treasurer from
the membership of the Tobacco Settlement Investment Board.
that the Republican majority in the Senate is willing to put petty political
vindictiveness above good public policy.
Settlement Investment Board is not a policy-making body. It’s sole
responsibility is investing money that the Commonwealth of Pennsylvania
received from the multi-state tobacco settlement. The Treasury is the state
office specifically designed and charged with the responsibility to make wise
and prudent investment decisions. It is the office with the greatest resources
available to apply to that decision-making process.
Treasurer is a most appropriate member of such a board. Republicans are
removing the state’s principal investment officer from a board that manages
a significant portion of the Commonwealth’s investments. It is immature,
childish and reckless for the Republicans to impair the function of the
Tobacco Settlement Investment Board simply because the current occupant of the
Treasurer’s office did not support a particular political candidate."
In the Senate
Appropriations Committee today, Republicans, on a straight party-line vote of
15-9, inserted an amendment removing the Treasurer from the tobacco board into
a bill that would extend senior citizen prescription drug benefits (HB 2860.)