Senator Pinto presented SB 413 as a tool to preserve high‑skilled jobs and to give the State Investment Council greater flexibility to back private equity investments that could keep former national laboratory scientists and their startups in New Mexico. “If these highly talented people come on the market, we want the money available to invest in private equity funding that would include those scientists and get them to stay here,” Pinto said.

Committee members pressed for details on past returns and oversight. Senator Shannon Robinson reviewed the state’s earlier private‑equity losses (SIC investment history was discussed at length) and said the bill is intended to give the SIC flexibility while preserving state requirements that New Mexico companies be the primary beneficiaries. Pinto and others said recent communications from the State Investment Council — the first the committee had received in some time — showed a readiness to discuss the council’s investment approach.

Opponents and skeptical committee members worried about repeating earlier “pay‑to‑play” problems and investments that didn’t generate returns. Senator Ramos asked whether the state should prefer dollar caps (a proposed $700 million cap in another bill was discussed) or percent caps; Pinto said she preferred a percentage for inflation protection. The fiscal impact and past SIC losses were raised repeatedly.

Vote and outcome: the committee recorded a do‑pass recommendation for SB 413 on a 5–4 vote. The record shows motions and roll calls in committee; sponsors committed to work with the State Investment Council and Legislative Finance staff on reporting and oversight language as the bill moves forward.

Ending: The bill advances by a narrow margin. Supporters argue the measure preserves the ability to keep high‑value, lab‑spun businesses in New Mexico; critics warned that past underperformance and governance lapses at the SIC require stronger statutory guardrails and oversight before additional authority is granted.