PENNACCHIO ON CORZINE’S ENDORSEMENT OF TRANSPARENCY ACT

Start Now With The State Investment Council

During his State of the State speech today, Governor Corzine voiced support for greater transparency in government. Senator Joe Pennacchio, a member of the Senate Budget and Appropriations Committee introduced legislation last year (Senate Bill 445) that would create a user-friendly Web site enabling all New Jersey residents to see how their state tax dollars are being spent.

In his speech today Governor Corzine stated:

One good idea I like ? is the posting of our state expenditures on the Internet as suggested by a number of Republican legislators.

I think this is a credible way to increase accountability and transparency in our budget process, and so I have directed the Comptroller to review how to undertake this initiative.

?I am pleased to that Governor Corzine supports this important initiative,? stated Pennacchio. ?I believe the Governor should start today and direct the State Investment Council to publish what decisions they have made regarding investment of state employees? pension funds and the reasoning behind those decisions.?

Late last year Senator Pennacchio received documents from the State Investment Council in response to an OPRA request. The most important documents were almost totally redacted with a dark marker. The document is attached.

?The governor?s endorsement of the Transparency Act will go a long way towards ending the secrecy and arrogance in independent authorities like the Investment Council,? Pennacchio concluded.

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