Attorney General Richard's Report on Establishing a Sovereign Wealth Fund for Alaska

Early Wednesday morning, October 28, Attorney General Craig Richards held a briefing on the underpinnings of a fiscal plan that the administration will soon propose. Later in the day the information was publicly released during a luncheon presentation to legislators.

Attorney General Richards and Grace Jang, Governor Walker’s communications director, both stressed during the briefing that the information released at the briefing, and later during the luncheon, was not a final plan, but the underpinning of a plan. A formal plan will be proposed by the release of the FY17 budget.

Attorney General Richards said the administration set up a working group at the beginning of the summer to examine how state assets might be managed to help plug the state’s fiscal gap. They began by focusing on what pots of money were available, and since that’s a legal question, Attorney General Richards led the working group.