The Legislative Budget and Audit Committee voted 10-0 to issue subpoenas to all six of the corporation’s board members, four employees and a Department of Revenue worker.
Lawmakers spent a record amount of time at the capitol this year trying to agree on a budget.
Two members of Governor Mike Dunleavy’s cabinet who are trustees — Revenue Commissioner Lucinda Mahoney and Natural Resources Commissioner Corri Feige — voted against the corporation’s budget proposal.
Lawmakers are discussing two bills: One that sets the amount of this year’s permanent fund dividend payout and another bill to set future PFDs.
Alaska Permanent Fund Corporation CEO Angela Rodell said GameStop is just one of over 11,000 different stocks in the organization’s portfolio. On top of that, it’s also invested in bonds, real estate and private equity.
Gov. Mike Dunleavy’s proposed state budget draws over $3 billion more than planned from the Alaska Permanent Fund. That puts the budget on a collision course with a state law meant to build the fund in the future.
The problem could happen if there are poor results from fund investments, like stocks.
The Alaska Permanent Fund Corporation puts $200 million in funding toward new in-state investment program.
Gov. Mike Dunleavy had an audience of more than 30 sovereign wealth funds at a global forum happening in Juneau this week.
Gov. Mike Dunleavy said Monday he would veto the Senate bill. He supports following the traditional PFD formula set in 1982.