State-managed Local Government Equity Investment Pool
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Bill Summary - 24LSO-0467 Bill No.: SF0090 Effective: 7/1/2024 LSO No.: 24LSO-0467 Enrolled Act No.: SEA No. 0064 Chapter No.: 83 Prime Sponsor: Gierau Catch Title: State-managed local government equity investment pool. Has Report: No Subject: Establishing a state-managed investment pool for local governments to invest funds in stocks and equities. Summary/Major Elements: In an amendment adopted in 2022, the Wyoming Constitution provides that the Legislature may provide by law for the investment of funds belonging to local governments in stocks and equities. This act establishes an investment pool for local governments to invest funds in stocks and equities. Upon request by a local government (city, town, county, special district, school district or any other political subdivision), the state treasurer shall invest funds of those requesting entities on a pooled basis in stocks and equities. This investment pool is a third local investment pool that would have more long-term redemption options and additional and appropriate penalties for the early withdrawal of funds. For this investment pool, the treasurer must, among other things, adopt rules for the transmittal of funds for investment, the manner of withdrawals (including limitations on withdrawal), accounting and reporting procedures, a minimum fund size for the investment of funds on a pooled basis and fees to be charged if the state treasurer determines them to be necessary. Before a local government requests that the state treasurer invests funds in this pool, the local government must acknowledge in writing that the entity understands that investing in equities involves risk of loss of some or all of the invested amount. The act specifies that nothing is to be construed as requiring the state to reimburse local governments for any losses that may occur on investments in this pool. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Public statements
Last checked Aug 5, 6:43 AM
H21
Why they voted this way
The lawmaker opposes including findings in this specific bill, arguing that such statements should be broader and apply to all accounts rather than just one.
Why they voted this way
The lawmaker opposes the amendment because it removes necessary flexibility for local government investments and duplicates policies already managed by investment officials.
R · H54
Why they voted this way
The lawmaker opposes the amendment to maintain a separation between political influence and investment strategies, citing that investors prefer flexibility over statutory mandates.
Why they voted this way
The lawmaker opposes blocking certain firms because it would restrict the ability of state and municipal investment managers to access larger markets.
R · H31
Why they voted this way
The lawmaker supports codifying an existing policy into statute to ensure investment decisions are based solely on financial returns and do not harm legacy industries.
R · S13
Why they voted this way
The lawmaker supports the bill because it provides a mechanism for local governments to invest in equities following a constitutional amendment passed by citizens, and incorporates necessary changes suggested by state treasury officials.
Wyoming roll calls
6 roll calls
Official activity
Changes
4 stored
The amendment adds a new requirement for local governments to include funds invested in equities as part of their reporting, financial statements, and audits.
The amendment adds legislative findings about fiduciary responsibilities and nonpecuniary factors, and includes new provisions for the state treasurer to address potential detrimental outcomes from nonpecuniary investments.
The amendment removes a specific section of the bill that allowed for certain duties to be assigned to the state treasurer's office and changes punctuation in another part of the text.
The amendment adds a new requirement that investments in the local government equity pool must be made based only on financial considerations and should not sacrifice potential returns for other goals.