MADISON, Wis. - The board that oversees Wisconsin's pension funds has rejected a request from the head of Gov. Scott Walker's semi-private economic development agency to invest $200 million to help startup businesses.
Wisconsin Economic Development Corp. head Reed Hall asked the State of Wisconsin Investment Board in November for the venture capital seed money in November. The board rejected the request, saying that the use of pension funds to pay for economic development initiatives "does not meet our fiduciary duty."
The request for funding as well as SWIB's response is contained in a report submitted by SWIB in December. The Wisconsin Reporter website was the first to report on it.
Hall made the request when he was the interim head of WEDC. Last week Walker named him as the permanent head.
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