Yesterday, my sons were here for dinner. We got into a discussion about legislation and it was interesting to listen to them. I am not sure how much they know about my involvement in Michigan legislation.
I spent nearly 20 years on the Legislative Committee for the Michigan Government Finance Officers Association. I was the Chairperson for much of that time.
When I first got on the committee in 1993 Orange County, California had declared bankruptcy after losing money on investments. I suggested that Michigan needed to revise their investment act. I was told it 'couldn't be done'.
Don't tell me something can't be done if you don't even try. But I was assured they had tried in the past. After hearing their explanation, I set out to do it my way. We formed a subcommittee and I decided to make friends with the Treasury official whose cooperation we would need to be successful. Long story short, in 1997 Public Act 20 of 1943 was revised to require written investment policies for all political subdivisions. Nothing happens overnight but we finally got there.
I was on a roll. My other big concern was protecting the promise of retiree health care. Governmental units would say they would provide it, but then did nothing to fund it. My community started setting aside funds at my urging in 1989. Why not invest those funds the same way we invest pension funds rather than the limited choices in P.A. 20?
And so, I formed another subcommittee with three other individuals. We were now starting from scratch since there was no law on the books to work with. And then in 1999 we saw the passage of Michigan Public Act 149 of 1999:
AN ACT to provide for the creation of public employee health care funds; to provide for the administration of the funds; to authorize the investment of the assets of the funds or trusts; and to prescribe the powers and duties of investment fiduciaries and certain public officers and employees.
I am very proud of these two achievements. I doubt that anyone even remembers how either of these came about or the intense effort involved in meetings and legislative hearings. But getting something done in a state legislature is no easy task. Just a very rewarding one when it happens.