In this subtitle, “Committee” means the Joint Committee on the Management of Public Funds.

There is a Joint Committee on the Management of Public Funds, which is a joint committee of the Senate and the House.

The Committee consists of 8 members. Of the 8 members: 4 shall be Senators, appointed by the President; and 4 shall be Delegates, appointed by the Speaker. A member appointed by the President serves at the pleasure of the President. A member appointed by the Speaker serves at the pleasure of the Speaker.

The President and the Speaker jointly shall appoint the chair and the vice chair of the Committee.

A majority of the full authorized membership of the Committee is a quorum. The Committee shall meet: at the times and places that it determines; and at the call of its chair or, if the chair is absent, at the call of its vice chair.

The Committee has the function to review the investment and management policies and procedures: of the Treasurer with respect to State funds in the State Treasury; of any officer or unit with respect to State funds that are not in the State Treasury and are not under the jurisdiction of a retirement system; and of local governments with respect to public funds. Subject to § 2-1257 of this title, on or before the 1st day of each regular session, the Committee shall submit an annual report to the General Assembly on any recommendations as to the office of Treasurer. The function and authority of the Treasurer as a member of the Board of Public Works are not subject to the review of the Committee.

In carrying out any of its functions or powers, the Committee may: issue subpoenas; compel the attendance of witnesses; compel the production of any papers, books, accounts, documents, and testimony; administer oaths; and cause the depositions of witnesses, who reside in or outside of the State, to be taken in the manner provided by law for taking depositions in a civil case. If a person fails to comply with a subpoena issued under this section or fails to testify on any matter on which the person lawfully may be interrogated, on petition of a member of the Committee, a circuit court may pass an order directing compliance with the subpoena or compelling testimony and may enforce the order by proceedings for contempt. Venue and procedures for a proceeding under paragraph (1) of this subsection to direct compliance with a subpoena or compel testimony are as provided in § 2–1803 of this title.