Tuesday, June 29, 1999
9:47 A.M.
Ninety-Fourth Regular Session
The Assembly met in the Assembly Chamber located in the State Capitol.
Speaker Pro Tempore Freese in the chair.
The prayer was offered by Representative Klusman.
Representative Colon led the membership in reciting the pledge of allegiance to the flag of the United States of America.
The roll was taken.
The result follows:
Present - Representatives Ainsworth, Albers, Balow, Berceau, Black, Bock, Boyle, Brandemuehl, Carpenter, Coggs, Colon, Cullen, Duff, Foti, Freese, Gard, Goetsch, Gronemus, Grothman, Gunderson, Gundrum, Hahn, Handrick, Hasenohrl, Hebl, Hoven, Huber, Hubler, Huebsch, Hundertmark, Hutchison, Jeskewitz, Johnsrud, Kaufert, Kedzie, Kelso, Kestell, Klusman, Kreibich, Kreuser, Krug, Krusick, La Fave, Ladwig, F. Lasee, Lassa, J. Lehman, M. Lehman, Leibham, Meyer, Meyerhofer, Miller, Montgomery, Morris-Tatum, Musser, Nass, Olsen, Ott, Owens, Petrowski, Pettis, Plale, Plouff, Pocan, Porter, Powers, Reynolds, Rhoades, Richards, Riley, Ryba, Schneider, Schooff, Seratti, Sherman, Sinicki, Skindrud, Spillner, Staskunas, Steinbrink, Stone, Suder, Sykora, Townsend, Travis, Turner, Underheim, Urban, Vrakas, Walker, Ward, Wasserman, Waukau, Wieckert, Williams, Wood, Young, Ziegelbauer and Speaker Jensen - 99.
Absent with leave - None.
Vacancies - None.
__________________
Referral of Agency Reports
State of Wisconsin
Investment Board
Madison
June 21, 1999
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 the Chief Clerks of each House summarizing any change in the Board's investment policies, upon adoption of the change.
On June 9, 1999 the Board approved modifications to the Investment Policy Guidelines for the Wisconsin Retirement System (WRS) Trust Funds. Attached are the modified guidelines. Additions to the previous guidelines are shaded and deletions are the stricken material.
Formation of Alternative Investments Committee
SWIB currently has four portfolios with mandates designed to include private investment programs: the non traditional portfolio, the private placements core portfolio, the leveraged buy-out portfolio and the venture capital portfolio.
Previously, private investment transactions were brought to the full Board for review and approval. In order to address inefficiencies in this process, the Board adopted policy changes that created an Alternative Investments Committee. The purpose of this Committee is to develop, administer and monitor policies and procedures for our private investment programs. The Committee will function as a panel of review for all private investment proposals and will report all private transaction activity to the full Board. We have used a similar model for real estate investments and it has been effective.
The attached guideline changes reflect the creation of this committee, detailing its function with respect to the alternative investment portfolios. It is not anticipated that these changes will have any effect on the investment structure of the underlying portfolios.
Please contact me if you have any questions about this report.
Sincerely,
Patricia Lipton
Executive Director
Referred to committee on Ways and Means.
__________________
Representative Vrakas asked unanimous consent that the Assembly stand recessed. Granted.
The Assembly stood recessed.
9:50 A.M.
__________________
12:12 P.M.
The Assembly reconvened.
Speaker Pro Tempore Freese in the chair.
A250
Representative Foti asked unanimous consent for a quorum call. Granted.
A quorum was present.
__________________
Assembly Bill 133
Relating to: state finances and appropriations, constituting the executive budget act of the 1999 legislature.
__________________
Representative Foti rose to the point of order that Assembly amendment 1 to Assembly Substitute Amendment 1 to Assembly Bill 133 was not properly before the Assembly because there was no report on the amendment from the Joint Survey Committee on Retirement Systems under 13.50(6)(b), Wisconsin Statutes.
Speaker Pro Tempore Freese ruled the point of order well taken.
Assembly amendment 2 to Assembly substitute amendment 1 to Assembly Bill 133 offered by Representatives Jensen, Foti and Gard.
Assembly amendment 1 to Assembly amendment 2 to Assembly substitute amendment 1 to Assembly Bill 133 offered by Representatives Wasserman, Bock and La Fave.
Representative Foti moved that Assembly amendment 1 to Assembly amendment 2 to Assembly substitute amendment 1 to Assembly Bill 133 be laid on the table.
The question was: Shall Assembly amendment 1 to Assembly amendment 2 to Assembly substitute amendment 1 to Assembly Bill 133 be laid on the table?
The roll was taken.
The result follows:
Ayes - Representatives Ainsworth, Albers, Brandemuehl, Duff, Foti, Freese, Gard, Goetsch, Gronemus, Grothman, Gunderson, Gundrum, Hahn, Handrick, Hoven, Hubler, Huebsch, Hundertmark, Hutchison, Jeskewitz, Johnsrud, Kaufert, Kedzie, Kelso, Kestell, Klusman, Kreibich, Ladwig, F. Lasee, M. Lehman, Leibham, Montgomery, Musser, Nass, Olsen, Ott, Owens, Petrowski, Pettis, Porter, Powers, Rhoades, Seratti, Skindrud, Spillner, Stone, Suder, Sykora, Townsend, Underheim, Urban, Vrakas, Walker, Ward, Wieckert, Ziegelbauer and Speaker Jensen - 57.
Noes - Representatives Balow, Berceau, Black, Bock, Boyle, Carpenter, Coggs, Colon, Cullen, Hasenohrl, Hebl, Huber, Kreuser, Krug, Krusick, La Fave, Lassa, J. Lehman, Meyer, Meyerhofer, Miller, Morris-Tatum, Plale, Plouff, Pocan, Reynolds, Richards, Riley, Ryba, Schneider, Schooff, Sherman, Sinicki, Staskunas, Steinbrink, Travis, Turner, Wasserman, Waukau, Williams, Wood and Young - 42.
Absent or not voting - None.
Motion carried.
Assembly amendment 2 to Assembly amendment 2 to Assembly substitute amendment 1 to Assembly Bill 133 offered by Representative J. Lehman.
__________________
