I’m committed to ensuring that New Hampshire’s public funds work for our communities—not just for far-off financial markets. That’s why I’m taking a stand on the Public Deposit Investment Pool (PDIP), a $750 million pool of taxpayer dollars that should be boosting our local economy. Too often, these funds are invested outside our state, and it’s time we change that.
Recently, I joined Councilors Joe Kenney of Wakefield and David Wheeler of Milford to press State Treasurer Monica Mezzapelle for answers about how the PDIP is managed. As Kevin Landrigan noted in the Union Leader on March 28, 2025:
“In response, Councilors John Stephen, R-Manchester; Joe Kenney, R-Wakefield; and David Wheeler, R-Milford, wrote a letter to Mezzapelle asking for their own accounting of this matter.
The antennae of the council are up because the seven-figure contract for the investment adviser to the PDIP comes up this summer.
They have asked Attorney General John Formella whether the PDIP would have to come to the council to get approval of that contract.
Formella refused to comment on this controversy at the Executive Council table last week, citing legal advice that is exempt from the Right-to-Know Law.
The AG has reportedly told the council that the PDIP is a ‘quasi-public’ entity and historically it has not had to have any of its investment decisions or contracts go to the council for approval.
Councilors are now working with Formella behind the scenes on crafting an amendment to the state Manual of Procedures (MOP) that would compel the PDIP to seek council approval of this contract.”
My focus is clear: let’s keep more of this money in New Hampshire. A bipartisan group of lawmakers, including Senate Deputy Democratic Leader Cindy Rosenwald and House Deputy Majority Leader Joe Sweeney, has already sounded the alarm. They’ve pointed out that the PDIP’s funds are being shipped across the country and even globally, instead of supporting our local banks and businesses. I couldn’t agree more with their call to redirect a portion of these funds—hundreds of millions of dollars—back into our state’s economy.
The upcoming renewal of the PDIP’s seven-figure investment adviser contract this summer is a perfect opportunity to act. That’s why I’m working with my fellow Councilors to bring this process under the Executive Council’s oversight. We’ve asked Attorney General John Formella to clarify the Council’s authority, and despite the PDIP’s “quasi-public” status historically sidestepping our review, we’re crafting an amendment to the state’s Manual of Procedures to ensure we have a say. This isn’t just about process—it’s about making sure the investment decisions prioritize New Hampshire.
Imagine the impact if more of that $750 million stayed here, flowing into our state-chartered banks and fueling local growth. It’s a common-sense step that supports our communities while still delivering solid returns for taxpayers. As your Councilor, I’m fighting to make that vision a reality. I’d love to hear your ideas on how we can keep New Hampshire’s money working for New Hampshire—reach out and let me know what you think!
