Share this pageFOR IMMEDIATE RELEASE
June 4, 2001
For More Information, Contact:
Jamille Moens at (916) 651-4011
SACRAMENTO - Assemblymember Joe Simitian (D-Palo Alto) announced today that he has been selected by Assembly Speaker Robert M. Hertzberg to serve on the California Debt and Investment Advisory Commission (CDIAC).
“I’m pleased to play a part in assuring the sound management of public funds,” Simitian said. “Anything we can do to improve the investment of public funds and the market for public debt will be good for the state, for individual cities and counties, and for our school districts.”
The California Debt and Investment Advisory Commission was created in 1981. Through its research and technical assistance programs the CDIAC assists state and local agencies by serving as a clearinghouse of information and providing oversight and policy guidance for public investment and debt matters. The Commission’s role is to help ensure sound investment practices, maximize the return on the investment of public funds, and reduce the cost of borrowing whenever borrowing is necessary.
The Commission consists of nine members, including the State Treasurer (who serves as the Chairperson), the Governor (or his Director of Finance), the State Controller, two local government finance officials, two State Assembly members, and two State Senators.
“It’s great to have Assemblymember Simitian aboard the Commission,” said Phil Angelides, State Treasurer and Chairperson of CDIAC. “His commitment to prudent investment and his knowledge of public finance issues make him a valuable addition. The fact that his public finance expertise includes city, county and school district issues is an added plus.”
In accepting the appointment Simitian said, “It’s our responsibility to make wise financial choices to protect taxpayer dollars. If we can help the state and local governments do just that, we’ll be able to fund the good programs that educate our kids, provide health care and housing assistance to families in need and maintain our highways and transit systems. I’m pleased to be in a position where I can help on a statewide basis.”
Simitian’s interest in finance matters is longstanding. As a County Supervisor he served as Chair of the County’s Finance Committee. In the Assembly Simitian serves on the Assembly Appropriations Committee, as well as the Assembly Budget Committee, where he chairs the Budget Subcommittee on Education Finance.
Additional information concerning the California Debt and Investment Advisory Commission may be obtained through the State treasurer’s website at http://www.treasurer.ca.gov/cdiac/cdiac.htm