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Ex-legislator named to NM Investment Council

SANTA FE, N.M. (AP) -- Legislators on Tuesday named former Senate President Tim Jennings to a board that oversees more than $17 billion in state investments.

The Roswell Democrat will serve a five-year term on the State Investment Council. His appointment is subject to confirmation by the Senate.

Jennings fills a vacancy created by last year's resignation of Lordsburg banker Michael Martin.

Jennings is a rancher who served in the Senate for 34 years. He lost a re-election bid in 2012 and was targeted in the campaign by a political committee formed by supporters of Republican Gov. Susana Martinez.

The Legislative Council, a group of House and Senate leaders and rank-and-file members, appointed Jennings and nominated Investment Council member Harold Lavender of Albuquerque to another term.

Lavender is a lawyer who spent more than three decades as a trader at the Chicago Board of Trade. He has served on the Investment Council since 2011. His reappointment — this time to a five-year term — also is subject to Senate confirmation.

The 11-member Investment Council oversees management of New Mexico's permanent funds and investments for other governmental clients. The governor serves as chairman of the investment panel.