Pete Domenici: “I introduce legislation to amend the New Mexico Enabling Act of 1910. I am pleased to have as a cosponsor, my colleague…”

“I introduce legislation to amend the New Mexico Enabling Act of 1910. I am pleased to have as a cosponsor, my colleague from New Mexico, Senator Bingaman. I am also very pleased that identical legislation is being introduced today in the House by New Mexico's Representatives Skeen and Schiff. Mr. President, the Enabling Act of 1910 provided the people of the New Mexico with the authority to convene a State constitutional convention and to organize a State government. As was the case with almost every State west of the Mississippi River, New Mexico was also granted certain public domain lands to be held in trust for the purposes of supporting the State's public educational institutions. The New Mexico State Land Commissioner's office has a proud history of producing sustained revenues from these State trust lands. These revenues have served the public schools of our State as they were intended, by providing for investments in a permanent fund. Mandates for managing the trust lands to sustain the permanent fund, as well as the control of and distributions from the fund are a part of our State constitution. In order to amend the constitutional mandates related to the State trust lands and the permanent fund, the Enabling Act requires that Congress give its consent to the amendments. Today, we begin the process of allowing New Mexico greater flexibility for investment, and protection of the permanent fund from the effects of inflation.”