By
Law Revision Committee.
To committee on Judiciary.
Assembly Bill 786
Relating to: penalties for certain traffic offenses committed where persons working on a utility facility are at risk from traffic and providing a penalty.
By
Representatives Skindrud, Musser, Jensen, Ladwig, Kelso, Porter, Hahn, Ainsworth, Sykora, Seratti, Kedzie, Schafer, Klusman, Olsen, Hutchison, Jeskewitz, Hasenohrl, Plouff, Ryba and Springer; cosponsored by Senators Shibilski, Darling, Decker, Drzewiecki, Risser and Wineke.
To committee on Highways and Transportation
.
Assembly Bill 787
Relating to: costs related to investigations regarding weights and measures violations, protection for persons reporting weights and measures violations, providing for business and consumer education and making an appropriation.
By
Representatives Otte, Huber, Albers, Springer, Harsdorf, Notestein, Porter, Hasenohrl, Hahn, Wasserman, Musser, R. Potter, Kedzie and Seratti; cosponsored by Senators Clausing, Panzer, Decker, Burke and Risser.
To committee on Consumer Affairs
.
Assembly Bill 788
Relating to: the retention of special counsel to prosecute certain actions with respect to the boundaries of the Indian reservations located in this state and the rights of non-Indians owning property within those reservations.
By
Representatives Seratti, Gard, Goetsch, F. Lasee, Albers, Grothman and Jeskewitz.
To committee on State Affairs.
Assembly Bill 789
Relating to: fishing licenses issued to disabled residents.
By
Representatives Boyle, Hasenohrl, Hoven, Brandemuehl, Dobyns, Zukowski, Baumgart, Springer, Plouff, Bock, Grothman, Notestein, Robson, Ryba, Ladwig, Owens, Musser, R. Young, Powers, Ziegelbauer, Porter, Turner and J. Lehman; cosponsored by Senators Moen, Shibilski, Breske, Darling and Drzewiecki.
To committee on Natural Resources
.
__________________
The joint committee on Information Policy reports and recommends:
Assembly Bill 552
Relating to: eliminating the office of health care information and transferring functions related to collection, analysis and dissemination of health care information to the department of health and family services, confidentiality of patient health care records, granting rule-making authority, providing a penalty and making appropriations.
Assembly amendment 1 to Assembly substitute amendment 1 adoption:
Ayes: 9 - Representatives Hutchison, Kaufert, Vrakas, Schneider and Hanson; and
Senators
Jauch, Moore, Panzer and Rosenzweig.
Noes: 0.
Assembly substitute amendment 1 adoption:
Ayes: 9 - Representatives Hutchison, Kaufert, Vrakas, Schneider and Hanson; and
Senators
Jauch, Moore, Panzer and Rosenzweig.
Noes: 0.
Ayes: 9 - Representatives Hutchison, Kaufert, Vrakas, Schneider and Hanson; and
Senators
Jauch, Moore, Panzer and Rosenzweig.
Noes: 0.
To committee on Health.
David Hutchison
Assembly Chairperson
Joint committee on Information Policy
__________________
Agency Reports
State of Wisconsin
Investment Board
Madison
January 30, 1998
To the Honorable, the Legislature:
Section
25.17(14r) of the Statutes requires that the State of Wisconsin Investment Board (SWIB) submit a report to the Joint Committee on Audit, Joint Committee on Finance, and Chief Clerks of each House summarizing any change in the Board's investment policies, upon adoption of the change.
On January 7, 1998, the Board approved modifications to the Investment Policy Guidelines for the State Investment Fund (SIF) and the domestic equity, venture capital and leverage buyout portfolios of the Wisconsin Retirement System (WRS) Trust Funds. The changes are indicated on the attached copy of the guidelines. Additions to the previous guidelines are shaded and deletions are the stricken material.
State Investment Fund - Wisconsin Certificate of Deposit Program
Under the Wisconsin Certificate of Deposit Program, the SIF purchases up to $300 million in CDs from Wisconsin financial institutions. The program was expanded last year to encourage greater participation.
The guidelines approved last year limited the amount of CDs we purchase from branches of bank holding companies to no more than $30 million. The new guidelines permit the $30 million limit to be exceeded if the total amount outstanding is less than $300 million. This will help the program reach its intended level while ensuring that holding companies do not dominate the program when other institutions are interested in participating.
The second change removes limits on the amounts of CDs that we may purchase at particular maturity levels. The new guidelines allow the portfolio manager to determine the appropriate maturity profile for the portfolio, as is the case for other investments. Some ambiguity in the old guidelines is also eliminated as a result.
Domestic Equities
Approximately $21.9 billion of WRS assets are managed in domestic stock portfolios. Close to $9.2 billion, or 42%, is actively managed internally. Previous guidelines limited SWIB's ownership of a company's stock to 10% of the outstanding shares. Until recently, ownership of more than 10% required the filing of added information with the Securities and Exchange Commission (SEC) and would have made the shareholder subject to other restrictive trading requirements. The SEC has raised the limit from 10% to 20%. As a result, our guidelines were modified to similarly increase the limit to 20%.
SWIB's small-company stock portfolio is likely to be the primary user of the expanded authority. However, we expect that ownership of more than 10% of a company's stock will only occur in a limited number of cases. Our guidelines continue to limit our overall equity exposure to any one company to no more than 5% of market value of publicly traded stocks owned by the Fixed and Variable Retirement Funds. The assets of the trust funds continue to be well diversified.
The domestic equity guidelines were also modified to provide for a new portfolio that will focus on companies between $750 million and $3.0 billion in market capitalization. It will be managed internally by current staff. This new "target" portfolio will bridge between our small- and mid-size company portfolios. We foresee opportunities in this area of the market. The portfolio is subject to the same guidelines presently in effect for SWIB's other domestic equity portfolios.
Venture Capital and Leveraged Buy-Out Portfolios
SWIB invests assets of the Fixed Retirement Fund in leveraged buy-out (LBO) funds that seek superior returns through closely held ownership and leverage. Typically, we invest in limited partnership interests, although the corporate form of ownership may also be used. The LBO portfolio is valued at $896 million.
We invest assets of the Fixed and Variable Funds in venture capital funds. These entities, in turn, invest in various stages of a new company's development, generally prior to a public offering of the company's stock. Our venture capital portfolio is valued at $95 million.
The guideline change increases the amount that may be invested in international funds from 10% to 20% of the value of the LBO and venture capital portfolios. "International funds" include any fund with a majority of its investment in non-U.S. instruments. As has been the policy for these portfolios, no such investments may be made in emerging markets. The new authority enables the portfolio manager to take advantage of an expanding international private placement market. We continue to see extensive deal-flow in these international funds and believe that this increased authority will help the fund to remain active in the attractive (developed) international private equity arena.
Please contact me if you have any questions about this report.
Sincerely,
PATRICIA LIPTON
Executive Director, SWIB
__________________
A572
State of Wisconsin
Department of Employment Relations
Madison
January 1998
The Written Hiring Reasons Report for Wisconsin State Government is enclosed. The report, covering the periods July 1, 1995, through June 30, 1996 and July 1, 1996, through June 30, 1997, is required under ss.
230.25 (1p) and
230.27 (2k), Wis. Stats., created by
1991 Wisconsin Act 101. Act 101 made several changes in Wisconsin civil service law regarding veterans preference and affirmative action. The law requires "written hiring reasons" for certain hiring transactions and requires the Department of Employment Relations to summarize the hiring reasons and prepare an annual report.
Information for this report came from summary information provided by each agency. Your efforts and cooperation in compiling the summary reports is appreciated. The report includes a summary and information for each state agency and the UW System unit.
If you have any questions, please contact Claire Dehnert, Division of Affirmative Action, at (608) 267-1005.
Sincerely,
JON E. LITSCHER
Secretary
__________________
Representative R. Potter asked unanimous consent that the Assembly stand recessed until 1:30 P.M. Granted.
The Assembly stood recessed.
9:50 A.M.
__________________
1:30 P.M.
The Assembly reconvened.
Speaker Pro Tempore Freese in the chair.
Representative Foti asked unanimous consent for a quorum call. Granted.
A quorum was present.
Representative Ward asked unanimous consent that his leave of absence be lifted. Granted.
__________________
Representative R. Potter asked unanimous consent for a leave of absence for balance of today's session for Representative Baumgart. Granted.
__________________
Assembly Bill 169
Relating to: the prohibition of certain billing practices for goods and certain services and providing a penalty.
Assembly amendment 1 to Assembly substitute amendment 1 to Assembly Bill 169 offered by Representative Black.
Representative Otte moved that Assembly amendment 1 to Assembly substitute amendment 1 to Assembly Bill 169 be laid on the table.
Representative Foti asked unanimous consent that Assembly Bill 169 be laid on the table. Granted.
