RALEIGH, N.C. — State Treasurer Janet Cowell announced Thursday a series of reforms to strengthen public trust and provide greater transparency of the state’s investment decisions.

The reforms include:

• Instituting a one-year “cooling off” period for former and future employees. Covered persons cannot lobby and/or market services to the Treasurer’s Office for a year after leaving government service.
• Establishing a request for proposal process for firms that seek to do legal work with the Department.
• Expanding the state’s Investment Advisory Committee to include more members with investment expertise.
• Posting quarterly reports on the Department’s website, www.nctreasurer.com, on the state’s investment performance to include overall fund performance and asset allocation.
• Hiring an independent consultant to evaluate the investment program’s policies and practices, including those governing: ethics, oversight and accountability; transparency; and investment decision making.

Treasurer Cowell’s announcement comes as citizen groups, government watchdogs and the media commemorate “Sunshine Week.” The annual event serves as a reminder that access to government meetings and documents is enshrined in the state’s constitution and is one of the pillars of a strong democracy.

“One of the many casualties of the current economic crisis is the erosion of public trust in government and financial institutions,” Cowell said. “We must restore that trust by making it easier for citizens to see where the state’s money is invested and how those decisions are made.”