NM Senate Pushes Investment Overhaul

New Mexico – The Senate has overriden a veto by Gov. Bill Richardson of legislation to overhaul the State Investment Council.

The legislation was vetoed last year and would have weakened Richardson's influence over the Investment Council, which oversees New Mexico's permanent funds.

The Senate voted 33-to-4 on Tuesday to override the veto.

To enact the bill over the governor's objections, the House also must vote by a two-thirds majority to override the veto.

The legislation would expand the membership of the investment council, but reduce the governor's direct influence to four members. The governor, administration officials and gubernatorial appointees currently represent seven of the council's nine members.

The Senate's veto override was the second in as many days.

Copyright 2010 The Associated Press.