SALEM — Oregon Gov. Kate Brown plans to advance a bill in the upcoming legislative session aimed at maximizing returns on the state’s investments, according to her office.

The Oregon State Treasury oversees the state’s investments, although it outsources some investment work to outside firms. It appears Brown would bring some of that work back to Salem to reduce costs.

Kristen Grainger, a spokeswoman for the governor, said in an email Tuesday that the treasury “needs to be resourced adequately to expand the amount of funds they manage internally.”

In previous legislative sessions, Treasurer Ted Wheeler — who will be replaced by state Rep. Tobias Read, D-Beaverton, come January — introduced similar legislation aimed at reducing the cost of investing by bringing more outsourced functions in-house.

The gist of both proposals is that reducing costs could increase the state’s net returns.

Wheeler’s effort, referred to as the Investment Modernization Act, stalled out several times after meeting opposition from lawmakers on both sides of the aisle who voiced trepidation about the proposal.

Read, in an interview Tuesday, said that he would support the Governor’s Office in its efforts and emphasized communication with the public and the Oregon Legislature about the state’s investing.

“…I expect we will be supportive and helpful to the extent that we are asked, but I’m also cognizant of the fact that Treasurer Wheeler and the Treasury have made specific efforts a number of times,” Read said.

Reducing investment costs might be one small way to address the $22 billion unfunded liability facing the state’s public employee retirement system.

PERS is managed independently and has its own board, but the Oregon Public Employees Retirement Fund is managed by the treasurer, under the direction of the Oregon Investment Council, according to the treasury. The investment council is required by state law to get the highest possible return on its investments.

In 2015, the Oregon Supreme Court struck down most of the legislature’s recent PERS reform efforts. A bipartisan legislative work group is now looking at other ways to address the PERS issue.

The governor is expected to release her balanced budget Dec. 1.