House Finance Advances Bill Protecting 8 Billion Of Permanent Fund Earnings

first_imgThe earnings reserve account has an $18.4 billion balance and is subject to simple majority appropriation of the Legislature. HB 31 would transfer $8 billion from the earnings reserve into the principal. For background, two sub-accounts constitute the Permanent Fund. The principal, which has a $46.1 billion balance, is constitutionally protected from appropriation and generates investment-related earnings. Representative Gary Knopp (R-K-Pen), and member of the House Finance Committee voted in favor of the bill: “We are trying to get it protected so it’s not spent, there is almost $19 billion in the account. But, we are just concerned that where we’re at that some legislator in time will start spending more out of that than the proposed structured draw.”  Knopp: “It will now go to Rules, to the floor, then we will get it passed and to the Senate. I know the sponsor of the bill has worked with the governors office on it, so I think they will be receptive to it as well.” Facebook0TwitterEmailPrintFriendly分享The House Finance Committee on Monday passed House Bill 31, a proposal that would transfer $8 billion from the Permanent Fund earnings reserve account into the constitutionally-protected principal of the Permanent Fund.last_img

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