Clipped From Fairbanks Daily News-Miner
He is Porter know he Zaverl's the city and the said by had a t w o u l d b e Lack investment expertise J U N E A U (Special)-Three commissioners and the attorney for the state's investment committee, warned today that the financial expertise simply is not available in Alaska to e s t a b l i s h a nine-member i n v e s t m e n t c o m m i t t e e responsible for administering the proposed permanent fund. Financial Committee Chairman Vance Phillips, R-Anchorage, and a number of the committee members agreed that there isn't enough expertise available to put together a committee that could manage the state's investments. "We can't do it ourselves, we just have to be smart enough to hire someone who can," Phillips said. Progress Edition delivery tomorrow The Daily News-Miner's 20th annual Progress Edition will be published tomorrow and it could mean a slight delay in delivering the papers to the homes of subscribers. The edition consists of six sections plus the regular daily paper, and for the carrier will be several times as heavy as the usual papers he delivers. I n t h e e v e n t y o u r News-Miner is not delivered at the usual time, please postpone ailing until later in the evening. The hearing today was the first of the Finance Committee's on the investment question and Phillips noted "It's an especially important bill, and we can't afford to make one mistake." Commerce Commissioner Wallace Kubley told the Senate F i n a n c e Committee t h a t "probably all the commercial bankers in Alaska together have less expertise in investments than a minor fund manager who deals with investments every day." K u b l e y , Commissioner of Revenue George Morrison and Commissioner of Administration Thomas Dowries who comprise the administration's investment committee and the attorney, Roger Cremo, staunchly opposed a bill the Senate Special Committee on Investment and Monetary Policies which would e s t a b l i s h a n i n e - m e m b e r committee to handle the investment of a permanent fund. Kubley said the committee substitute for Gov. Keith Miller's Icebreaker Northwind crosses Arctic Circle bill to establish a $500-million permanent fund, completely w i p e s out the proposed department of treasury. Under the governor's proposal the Treasury Department would act as custodian of the permanent fund with professional money managers. Kubley said the difference between the concepts of the two bills is that under the governor's proposal there would be an advisory committee with an oversight function. But he said the authority would lie with the executive who also would bear the fault or blame. K u b l e y said that "The administration does not feel that it has the expertise to manage $900 million or $500 million" and he doubted that there is a single individual in the state who would qualify to manage even a small portion of the fund. Kubley told the Finance Committee that none of the commissioners were given an opportunity to testify before the Monetary Committee which held extensive hearings on the governor's bill to establish the permanent fund and he said he asked three times for an opportunity to appear.