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A Senate committee approved legislation Thursday to further loosening investing rules for the state pension fund at the request of Treasurer Janet Cowell, just as the fund's former investment head has been writing some stinging criticism about states that have ramped up their alternatives investments, Scott Mooneyham at the Insider reports.

Andy Silton, who served as chief investment officer during a portion of the terms of former State Treasurer Richard Moore, has gone as far as to question the moves into private equity and hedge funds during his time on the job here. "Unfortunately, we went ahead and implemented a program of investing in hedge funds and private equity. While our program didn’t do any harm, it didn’t help anyone but the money managers," Silton wrote recently.

McCRORY TO ANNOUNCE MEDICAID SYSTEM OVERHAUL: Gov. Pat McCrory rejected a Medicaid expansion earlier this year saying the system was broken and Wednesday morning he is expected to describe how he plans to fix it. The Republican has talked frequently about the rising costs of the healthcare system for select low-income and disabled residents and issued a video preview Tuesday saying he would create a "partnership" that will help keep costs low. Check Dome later today for more details from the 10 a.m. press conference.

***It's a jam-packed day in North Carolina politics. Get the full scoop on all the big stories from the Dome Morning Memo below. Send tips and news to dome@newsobserver.com.***

The creation of a Charlotte airport authority would raise thorny legal issues involving airport debt and could even affect the cost of state borrowing, the N.C. Treasurer’s office said Monday.

Deputy Treasurer T. Vance Holloman said legal uncertainty over the airport’s $860 million debt “could result in potential prolonged litigation.” He said transfer of airport control from the city of Charlotte to a new authority “could affect the cost of borrowing and desirability of North Carolina revenue bonds.” He urged lawmakers to “proceed cautiously.”

Holloman made the comments in a letter to Sen. Bob Rucho, a Matthews Republican and a main sponsor of legislation that would create an independent, 13-member authority to run Charlotte Douglas International Airport. Full story here.

State Treasurer Janet Cowell made Governing magazines's list of Democrats to watch at the state level.

The Governing writeup: "Cowell, the first woman to be elected North Carolina's treasurer, oversees more than $70 billion in pension fund investments for state employees. The daughter of a Methodist minister and public school teacher, Cowell earned an MBA from the Wharton School of the University of Pennsylvania and cut her teeth on Wall Street before moving to the (Tar Heel) State in 1997. She won election to the Raleigh city council in 2001, where she served two terms, then won a state Senate seat in 2004 before winning her first term as treasurer in 2008 against a respected GOP legislator. She was re-elected last fall, even as her fellow Democrats lost the governor's mansion and lost ground in both legislative chambers. North Carolina has been open to electing women to higher office in recent years, and Cowell could get more exposure than usual if the state legislature takes up tax reform this year -- an issue Cowell has emphasized during her tenure."

State Treasurer Janet Cowell is preparing to play a more prominent role in helping Democrats push their message amid complete Republican control of the lawmaking process.

Cowell, a second term Democrat, is adding staff and planning to expand her portfolio. "I do feel more incumbent to take a broader policy role," she said, given the dearth of prominent Democrats. "I sit on the school board --that's an area where when I was one of more Democrats I didn't have to take as much interest or carry the water where I may be having to do that now."

State Treasurer Janet Cowell sent an end-of-the-year note to supporters and friends Friday that details how she "changed (and) evolved" in her first term.

One anecdote she offered: "I am incredibly grateful for those of you who have believed in me, advised me, worked alongside of me, and made me laugh along the way. One friend even told me he was going to tell people he was a senior advisor to the State Treasurer. “On fiscal matters?” I asked.  “No,” he replied, “on wardrobe.""

On a more serious note, Cowell, who many consider a rising star in the state Democratic Party offered a broader vision outside the confines of her current duties -- the kind of statement the party is looking to crystalize as it figures out its new role in the minority and one that will let prognosticators suggest she may seek higher office in the future.

Democratic State Treasurer Janet Cowell is debuting two new TV ads, according to her website.

The first focuses on education -- an issue with tenuous ties to her job description -- in which Cowell touts job training and college affordability. The second (see below) focuses on her accomplishments as treasurer and touts the state's AAA bond rating.

UPDATED: Wake school board members Debra Goldman and Chris Malone found themselves in a messy situation, which strained the rest of the board. Now it could affect the November election. Goldman is the Republican candidate for state auditor and Malone is seeking a N.C. House seat.

More political headlines:

--The race for lieutenant governor may be the highest office Democrats can win. Democrat Linda Coleman faces  Dan Forest, a conservative, tea party Republican. Meet the candidates.

--In case you missed it, here's a profile of GOP gubernatorial candidate Pat McCrory, whose shifting politics has put him in the lead.

--Rob Christensen writes about the intersection of Bill Friday and politics.

State Treasurer Janet Cowell is coming under fire from state employees and retirees who are raising questions about the pension fund’s management after it invested in Facebook – which saw its value tank after its stock market debut. Cowell, a Democrat, did not respond to questions about the Facebook deal, but a spokeswoman downplayed the loss and defended the investment firm.

The law firm chosen to represent the state in its lawsuit against Facebook is also generating questions. Bernstein Litowitz Berger and Grossmann gave Cowell’s campaign more than $75,000 since her 2008 election to the post, according to state records. Read more here.

Political headlines:

--Could Tropical Storm Isaac soak the Democratic convention, too?

--American Atheists and Adams Outdoor Advertising are removing two Charlotte billboards slamming Christianity and Mormonism after the national atheists’ group said it received an outpouring of public anger and threats.

--Gary Pearce and Carter Wrenn, well known Tar Heel political strategists, map out the Obama path to victory for NPR.

North Carolina’s leaders – and those campaigning to take charge in the coming year – promised Wednesday to wake a sleeping government in order to stop businesses that misclassify employees as contractors and avoid paying taxes and buying workers’ compensation insurance.

Gov. Bev Perdue ordered a team of agency leaders to meet and figure out how to work together to crack down on cheating businesses. Both men campaigning to be governor – Republican Pat McCrory and Democrat Walter Dalton – said fixing these problems is at the top of their priority list. Read more here.

More political news below.

--An effort by state lawmakers to make the contracts for administering the State Health Plan transparent seems to have fallen short of its goal in at least one respect.

--Republican vice presidential candidate Paul Ryan inspired a crowd of a several thousand people Wednesday afternoon with the message that GOP presidential hopeful Mitt Romney has the experience and vision to fix the country. See a photo gallery from the event.