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Presiding Officers Issue Statement on $50 Million Commitment from the Constitutional Budget Reserve
Kodiak, AK - Today, Senate President Gary Stevens (R-Kodiak) and House Speaker Bryce Edgmon (I-Dillingham) issued the following statement regarding media reports of a $50 million commitment from the Constitutional Budget Reserve (CBR) to an outside private equity firm:
"We were caught off guard in a call with the Governor to learn that $50 million from the state’s primary savings account had been committed to an outside investment firm without legislative or public awareness. We then learned more details of this action in subsequent reporting.
"The CBR was created to provide stability during times of deficit and emergency, ensuring that schools, public safety, and essential services remain funded when state revenues fall short.
"Placing tens of millions of dollars into an illiquid, high-risk investment undermines that purpose and raises serious concerns about accountability, transparency, and fiscal responsibility. Future high risk investments of this nature should not occur without the involvement of the Legislature. Regardless of whether the action was technically permissible under statute, decisions of this magnitude must not occur outside the view of the Legislature or the public.
"The Legislature is actively reviewing the circumstances of this commitment and its implications for Alaska’s finances. We will be consulting with legal counsel and legislative auditors and will consider additional steps, including hearings, to ensure full transparency and to protect our savings for Alaska’s future generations."
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