Bill > S1688

This bill requires the treasurer of the Commonwealth, along with quasi-public entities and independent authorities, to submit biannual reports on their borrowing practices, specifically detailing any transactions other than fixed-rate borrowing, including those involving derivative financial products. Derivative financial products are defined as financial instruments whose value is based on other assets or interest rates, such as interest rate swaps or options. These reports, due on April 30th and October 31st each year, must include transaction terms, parties involved, agreements, financial impacts, and the rationale for entering into the transactions, as well as any interactions with lobbyists. Before any such transaction is authorized, the Secretary of Administration and Finance, in consultation with the State Treasurer, must submit an approval report with supporting documentation to legislative committees. Furthermore, the House and Senate Committees on Bonding, Capital Expenditures & State Assets are granted oversight authority over capital programs, with the power to summon witnesses and compel evidence.