Investment Oversight

New Mexico – The Legislature is preparing to name four members to a state board that oversees New Mexico's permanent funds.

A legislative leadership panel is scheduled to meet Wednesday in Santa Fe and make appointments to the State Investment Council.

A new state law expanded the council's membership, but lessened the influence of the governor by reducing the number of his appointees and administration officials serving on the group.

The council is responsible for management of permanent funds valued at more than $13 billion.

Federal investigators are looking into New Mexico investments and the use of third-party marketers, some of whom shared in millions of dollars in fees.

Copyright 2010 The Associated Press.