November 7, 2001
John Scocos
Assembly Chief Clerk
1 E Main Street, Suite 402
Madison, WI 53708
Dear Chief Clerk Scocos:
This letter is to respectfully request that I be added as a co-sponsor to the following Assembly Bill:
Assembly Bill 622 (LRB-3785, Plale), relating to graffiti and providing a penalty.
Please advise me as to your action.
Thank you,
Jeff Stone
State Representative
82nd Assembly District
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Agency Reports
State of Wisconsin
Legislative Audit Bureau
Madison
November 6, 2001
To the Honorable, the Legislature:
We have completed an evaluation of the State of Wisconsin Investment Board, as directed by s.
25.17(51m), Wis. Stats. As of December 31, 2000, the Investment Board managed a total of $67.0 billion in investments that included assets of the Wisconsin Retirement System, the State Investment Fund, and five smaller insurance and trust funds.
The Investment Board has recently been successful in exceeding its performance benchmarks for the Fixed Retirement Trust Fund, which represented 81.8 percent of the assets under its management in 2000. However, the Fixed Retirement Trust Fund's long-term returns continue to lag those of other large public pension funds. As of June 30, 2000, its five-year returns ranked last among ten funds we surveyed.
We focused our analysis on the Investment Board's Opportunity Portfolio for the Fixed Retirement Trust Fund, which is a higher-risk portfolio that has focused on private equity investments in emerging markets in Asia and Eastern Europe. The portfolio, which has assets of approximately $1 billion, has failed to meet its performance benchmarks and is not meeting expectations of earning higher returns than the Investment Board achieves through its more traditional investments. In light of the lagging returns and controversy surrounding certain investments in South Korea, support for the portfolio among members of the Board of Trustees is divided. Another area of concern is the Board of Trustees' involvement in the Opportunity Portfolio. Of particular concern is the fact that some trustees own public stock in entities associated with the portfolio. These interests have previously not been publicly disclosed. We suggest that to avoid the appearance of conflicts of interest, the Investment Board revisit its policies to ensure trustees comply with provisions of the State Ethics Code.
We appreciate the courtesy and cooperation extended to us by the Investment Board. A response from the Board's Executive Director is Appendix 5.
Respectfully submitted,
Janice Mueller
State Auditor
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Representative Bock asked unanimous consent for a leave of absence for part of today's session for Representatives Coggs and Miller. Granted.
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Representative Foti asked unanimous consent that the Assembly stand recessed. Granted.
The Assembly stood recessed.
10:05 A.M.
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1:03 P.M.
The Assembly reconvened.
Speaker Pro Tempore Freese in the chair.
Representative Coggs asked unanimous consent that his leave of absence be lifted. Granted.
Representative Miller asked unanimous consent that his leave of absence be lifted. Granted.
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Assembly Resolution 45
Relating to: honoring members of the Wisconsin assembly who are military veterans and those who continue to serve the military while holding a public office.
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Representative Black asked unanimous consent that all members of the Assembly be made coauthors of
Assembly Resolution 45. Granted.
Representative Black asked unanimous consent for a quorum call. Granted.
A quorum was present.
The question was: Shall Assembly Resolution 45 be adopted?
Motion carried.
Assembly Resolution 46
Relating to: petitioning the President of the United States and the U.S. Congress to enact legislation that would define the political status options available to the U.S. citizens of Puerto Rico and authorize a plebiscite to provide an opportunity for Puerto Ricans to make an informed decision regarding the island's future political status.
Representatives Coggs, Bock, Morris-Tatum and Young asked unanimous consent to be made coauthors of Assembly Resolution 46. Granted.
The question was: Shall Assembly Resolution 46 be adopted?
The roll was taken.
The result follows:
Ayes - Representatives Ainsworth, Albers, Balow, Berceau, Bies, Black, Bock, Boyle, Carpenter, Coggs, Colon, Cullen, Duff, J. Fitzgerald, Foti, Freese, Friske, Gard, Gronemus, Gunderson, Gundrum, Hahn, Hebl, Hoven, Huber, Hubler, Huebsch, Hundertmark, Jeskewitz, Johnsrud, Kaufert, Kedzie, Kestell, Krawczyk, Kreibich, Kreuser, Krug, Krusick, La Fave, Ladwig, F. Lasee, Lassa, J. Lehman, M. Lehman, Leibham, Lippert, Loeffelholz, McCormick, D. Meyer, Meyerhofer, Miller, Montgomery, Morris-Tatum, Musser, Nass, Olsen, Ott, Owens, Petrowski, Pettis, Plale, Plouff, Pocan, Powers, Reynolds, Rhoades, Richards, Riley, Ryba, Schneider, Schooff, Sherman, Shilling, Skindrud, Starzyk, Staskunas, Steinbrink, Stone, Suder, Sykora, Townsend, Travis, Turner, Underheim, Urban, Vrakas, Walker, Ward, Wasserman, Wieckert, Williams, Wood, Young, Ziegelbauer and Speaker Jensen - 95.
Noes - Representatives Grothman and Seratti - 2.
Absent or not voting - Representative Sinicki - 1.
Motion carried.
Assembly Resolution 7
Relating to: calling upon the U.S. Congress to investigate the attack on the U.S.S. Liberty.
Representative Schneider moved that the rules be suspended and that Assembly Resolution
7 be withdrawn from the committee on Veterans and Military Affairs and taken up at this time.
The question was: Shall the rules be suspended and Assembly Resolution 7 be withdrawn from the committee on Veterans and Military Affairs and taken up at this time?
The roll was taken.
The result follows:
Ayes - Representatives Balow, Boyle, Gronemus, Hahn, Hubler, La Fave, J. Lehman, Reynolds, Ryba, Schneider, Turner and Ziegelbauer - 12.
Noes - Representatives Ainsworth, Albers, Berceau, Bies, Black, Bock, Carpenter, Coggs, Colon, Cullen, Duff, J. Fitzgerald, Foti, Freese, Friske, Gard, Grothman, Gunderson, Gundrum, Hebl, Hoven, Huber, Huebsch, Hundertmark, Jeskewitz, Johnsrud, Kaufert, Kedzie, Kestell, Krawczyk, Kreibich, Kreuser, Krug, Krusick, Ladwig, F. Lasee, Lassa, M. Lehman, Leibham, Lippert, Loeffelholz, McCormick, D. Meyer, Meyerhofer, Miller, Montgomery, Morris-Tatum, Musser, Nass, Olsen, Ott, Owens, Petrowski, Pettis, Plale, Plouff, Pocan, Powers, Rhoades, Richards, Riley, Schooff, Seratti, Sherman, Shilling, Skindrud, Starzyk, Staskunas, Steinbrink, Stone, Suder, Sykora, Townsend, Travis, Underheim, Urban, Vrakas, Walker, Ward, Wasserman, Wieckert, Williams, Wood, Young and Speaker Jensen - 85.
Absent or not voting - Representative Sinicki - 1.
Motion failed.
Senate Joint Resolution 28
Relating to: the life and public service of Gerald D. Lorge.
The question was: Shall Senate Joint Resolution 28 be concurred in?
Motion carried.
Representative Foti asked unanimous consent that the rules be suspended and that Senate Joint Resolution 28 be immediately messaged to the Senate. Granted.
Assembly Bill 483
Relating to: designating STH 122 as the Walt Bresette Memorial Highway.
Representative Sherman moved that Assembly Bill 483 be taken from the table.
The question was: Shall Assembly Bill
483 be taken from the table?
The roll was taken.
The result follows:
Ayes - Representatives Balow, Berceau, Black, Bock, Boyle, Carpenter, Coggs, Colon, Cullen, Gronemus, Hebl, Huber, Hubler, Kreuser, Krug, Krusick, La Fave, Lassa, J. Lehman, Meyerhofer, Miller, Morris-Tatum, Plale, Plouff, Pocan, Reynolds, Richards, Riley, Ryba, Schneider, Schooff, Sherman, Shilling, Staskunas, Steinbrink, Travis, Turner, Wasserman, Williams, Wood, Young and Ziegelbauer - 42.
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Noes - Representatives Ainsworth, Albers, Bies, Duff, J. Fitzgerald, Foti, Freese, Friske, Gard, Grothman, Gunderson, Gundrum, Hahn, Hoven, Huebsch, Hundertmark, Jeskewitz, Johnsrud, Kaufert, Kedzie, Kestell, Krawczyk, Kreibich, Ladwig, F. Lasee, M. Lehman, Leibham, Lippert, Loeffelholz, McCormick, D. Meyer, Montgomery, Musser, Nass, Olsen, Ott, Owens, Petrowski, Pettis, Powers, Rhoades, Seratti, Skindrud, Starzyk, Stone, Suder, Sykora, Townsend, Underheim, Urban, Vrakas, Walker, Ward, Wieckert and Speaker Jensen - 55.
Absent or not voting - Representative Sinicki - 1.
Motion failed.
Senate Joint Resolution 33
Relating to: the life and public service of Charles F. Smith III.
The question was: Shall Senate Joint Resolution 33 be concurred in?
Motion carried.
Representative Foti asked unanimous consent that the rules be suspended and that Senate Joint Resolution 33 be immediately messaged to the Senate. Granted.
Senate Joint Resolution 42
Relating to: the life and public service of Jane Pettit.