The Investment Advisory Committee advises the Commissioner In Charge, the Chief Administrative Officer of the Office Management and Finance, the City Council and the City Treasurer of the City on: investment policies and investment practices of the City; maximum bank balances to be maintained by the City; and such other investment matters as the Commissioner in Charge of the Office Management and Finance, the City Council or the Chief Administrative Officer may request. The Commissioner In Charge, with approval by the Council, shall appoint the public members of the Committee to serve for 2-year terms that are renewable. The Investment Advisory Committee is responsible for establishing rules and procedure for all matters for consideration or action by the Committee. The Committee holds at least three meetings per year at such times as is set by the body and at any other time as deemed necessary. The Office of Management and Finance provides staffing to the Committee.