Mike Crapo: “today, with my colleague from Idaho, Senator Craig, I rise to introduce a bill to amend the Idaho Admissions Act of July…”

“today, with my colleague from Idaho, Senator Craig, I rise to introduce a bill to amend the Idaho Admissions Act of July 3, 1890 to permit Idaho to administer Morrill Act lands and the proceeds there from in accordance with contemporary investment standards. The State of Idaho has been working to update its management of endowed assets received as part statehood from the Federal Government to ensure the maximum long-term financial return to the beneficiaries. Key to endowment reform is the implementation of contemporary investment principles that require asset diversification to reduce the risk of loss and that permit a trustee to deduct reasonable costs of administration of the assets normally incurred by a prudent fiduciary. Of the Federal grants to Idaho as part of statehood, only the Morrill Act limits investments in bonds of the United States or Idaho and precludes deducting reasonable administrative expenses incurred by the trustee. This bill would allow the State of Idaho to administer the Morrill Act assets under the same fiduciary standards now applicable to all of Idaho's other federally granted endowments.”