Section 98 Duties of board - Massachusetts Statutes

Section 98. (a) As used in this section, “state entities” means the commonwealth, state authorities as defined in section 1 of chapter 29 and other state entities with responsibility for managing and overseeing public funds.

(b) It shall be the duty of the board to promote transparency, public accountability and adherence to best practices by all state entities with respect to investments, borrowing or other financial transactions made or entered into by state entities and involving public funds. The board shall make an annual written report to the secretary of administration and finance, the state treasurer, the state auditor, the house and senate committees on ways and means and the chairpersons of the joint committee on bonding, capital expenditures and state assets with respect to its findings regarding investments, borrowing and other financial transactions carried out by state entities and its activities to promote transparency, public accountability and best practices with respect thereto.

(c) In order to carry out its duty, the board may:

(1) adopt regulations or guidelines requiring state entities to report, adopt appropriate policies, and adhere to best practices with respect to investments, borrowing and other financial transactions;

(2) make recommendations to state entities or state officers and propose legislative changes to improve the management of public funds;

(3) employ staff and engage professionals to review and advise it on financial transactions entered into by state entities; and

(4) conduct oversight hearings with respect to investment, borrowing and other financial transactions made or entered into by state entities.