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Wyoming2025Did Not Pass

HB0080

Stop ESG-State Funds Fiduciary Duty Act

Last scannedOct 25, 2026, 2:19 AM

In one sentence

This act sets rules for how state funds are invested, requiring that only financial factors be considered and limiting who can vote on behalf of these funds.

What it does

  • Defines terms like 'fiduciary', 'investment entity', and 'state funds'.
  • Requires investment entities to focus solely on pecuniary financial factors when managing state funds.
  • Limits proxy voting authority for state funds to those who follow guidelines based only on pecuniary financial factors.
  • Requires annual reporting of proxy votes by investment entities.
  • Includes clauses in contracts with fiduciaries that they must follow the act's requirements.

Who it affects

  • Investment managers, trustees, and fiduciaries who invest state funds.
  • Entities responsible for investing or managing state funds.

Limits and unknowns

  • The bill did not pass in the session.
  • It is unclear how this act would affect existing investments or contracts at the time of introduction.

Plain language

Terms to know

Fiduciary
A person or entity that manages investments on behalf of others with a duty to act in their best financial interest.
Pecuniary Financial Factors
Financial considerations based on prudent investment decisions, excluding non-financial factors like environmental, social, and governance issues.

Official record

Sources

Source checked

Public statements

Why lawmakers voted

Last checked Aug 5, 3:48 AM

Bob Nicholas

R · H07

Voted No

Why they voted this way

The lawmaker supports the bill because it codifies existing rules that have successfully generated high returns, ensuring these investment standards remain in place regardless of future elections.

Public statementFloor statement at 39:36 Watch the statement

Bob Davis

R · H47

Voted No

Why they voted this way

The lawmaker opposes codifying current investment rules into statute because it would remove the flexibility needed to adapt policies quickly as industry conditions change.

Public statementFloor statement at 55:54 Watch the statement

Lloyd Larsen

R · H54

Voted No

Why they voted this way

The lawmaker opposes moving investment policy from executive action to statute, arguing that it belongs with the entities managing investments and could create conflicts between statutes and necessary policy adjustments.

Public statementFloor statement at 57:53 Watch the statement

If a lawmaker is not listed, we couldn't find a published reason.

Wyoming roll calls

Recorded votes

2 roll calls

H 3rd Reading:Passed 44-16-2-0-02025-01-23 · House44 yes 16 no
H09 - Minerals:Recommend Amend and Do Pass 8-1-0-0-02025-01-20 · House8 yes 1 no

Official activity

Bill history

  1. S Did not Consider for IntroductionSenate
  2. S Received for IntroductionSenate
  3. H 3rd Reading:Passed 44-16-2-0-0House
  4. H 2nd Reading:PassedHouse
  5. H COW:PassedHouse
  6. H Placed on General FileHouse
  7. H09 - Minerals:Recommend Amend and Do Pass 8-1-0-0-0House
  8. H Introduced and Referred to H09 - MineralsHouse
  9. H Received for IntroductionHouse
  10. Bill Number AssignedLSO

Changes

Amendments

8 stored

HB0080H2001

The amendment removes existing language about proxy voting requirements for investment managers and adds a new clause requiring contracts between investment entities and fiduciaries to include a statement that the fiduciary agrees to follow specific requirements when investing state funds.

HB0080H2002

The amendment removes specific sections of the bill that were previously added by other amendments.

HB0080H2003

The amendment removes the phrase 'but not limited to' from a specific line in the bill.

HB0080H3001

The amendment removes a specific section from the bill, which originally aimed to set requirements for managing state funds.

HB0080H3002

The amendment adds the word 'material' to a specific line in the bill, changing how certain requirements are described.

HB0080HW001

The amendment removes specific requirements for hiring and retaining investment managers, trustees, and fiduciaries who invest state funds that were previously added by the House standing committee.

HB0080HW002

The amendment removes an existing provision and adds an exception for state employees when specifying requirements for investment managers who handle state funds.

HB0080HS001

The amendment removes certain sections of the bill and adds definitions for 'non-pecuniary financial factors' and 'pecuniary financial factors', while also changing some wording to specify that only pecuniary factors should be considered in fiduciary decisions.