Yee illegally refused to seat duly authorized board members to the State Board of Investment

Phoenix, AZ- Falling in line with extremist Jake Hoffman’s decision to participate in partisan obstructionism, State Treasurer Kimberly Yee deprived Arizona taxpayers of the confidence that their funds are invested in an optimal way, and as required by law.

During Tuesday’s State Board of Investment meeting, Yee refused to recognize authorized board members, despite statute stating clearly that agency designees may participate. Arizona statutes make it clear that, in order to ensure that investments are made in an appropriate and optimal way, the Treasurer is required to collaborate and work with the Arizona Department of Administration (ADOA) and the Department of Insurance and Financial Institutions. Instead, Treasurer Yee broke the law, and refused expert advice from professionals in order to play political games with taxpayer money, shirking her responsibilities as the State Treasurer.

In response, the Governor’s Director of Operations and Interim Director of ADOA, Ben Henderson, sent a letter highlighting Yee’s illegal actions and demanding duly designated Board members be recognized.

READ THE LETTER HERE

“The taxpayers deserve to have their funds invested optimally to maximize ROI, and they have entrusted Treasurer Yee with that responsibility,” said Henderson. “By shutting out the voices of fellow agencies, you are failing to take into account all of the information that the law requires in order to do right by our taxpayers.”

Henderson added that any actions the board may have taken in that meeting will need to be added to the agenda for the next meeting to comply with law.