You are a consultant to the State Treasurer of Minnesota who is responsible for formulating that state's investment policies. He has asked for your recommendations for legislation that he is proposing regarding "permissible investment assets." Specifically, he wants you to identify the assets that should be included on the list of permissible assets for state and local governments in that state for both the states short term, within fiscal year, portfolio as well as the assets that should be "permissible" for longer term investments such as the state's pension fund. I have to provide a brief memo with your recommendations along with the reasons for your recommendations for both types of investments. Also, explain why your recommendations differ if they do.

can you help me identify permissible investment assets for state and local governments for both short term and long term investments?