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HB0219 • 2021

Investment funds committee-membership.

AN ACT relating to the investment of state funds; amending the membership of the investment funds committee; amending the voting privileges of members of the investment funds committee; providing for the removal of members; and providing for an effective date.

Elections
Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Representative Nicholas
Last action
2021-04-12
Official status
enrolled
Effective date
4/12/2021

Plain English Breakdown

The bill text does not provide details about the removal process for committee members.

Changes to State Investment Funds Committee

This law changes the composition of the Wyoming Investment Funds Committee by adding voting and non-voting members, and restricts certain members from voting on specific benchmarks.

What This Bill Does

  • Adds six voting members appointed by a selection panel to the Investment Funds Committee, making it seven total voting members plus non-voting members.
  • Makes the Chief Investment Officer and the Wyoming Retirement System Chief Investment Officer ex officio nonvoting members of the committee.
  • Allows each house of the legislature to appoint one ex officio nonvoting member to the committee.

Who It Names or Affects

  • The State Treasurer
  • Members appointed by a selection panel
  • Chief Investment Officers and their staff

Terms To Know

Investment Funds Committee
A group that advises the State Treasurer on how to invest Wyoming's money.
Ex officio nonvoting member
Someone who is part of a committee but cannot vote.

Limits and Unknowns

  • The bill does not specify what happens if a voting member leaves the committee.
  • It's unclear how often new members are appointed to replace those who leave.
  • The exact duties and powers of non-voting members are not detailed in this summary.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0219H2001

2nd reading • Representative Nicholas

Adopted

Plain English: The amendment changes how the investment funds committee selects its leaders, adds a specific start date for annual reviews, and modifies the term length and roles of certain members.

  • Adds provisions for electing both a chairman and vice-chairman instead of just a chairman.
  • Specifies that annual reviews begin on January 1, 2022.
  • Changes the role of an appointed voting member to serve as vice-chairman in even-numbered years and chairman in odd-numbered years.
  • The amendment text does not provide details about how the committee will vote on these changes or what happens if a member is removed from their position.
HB0219H3001

3rd reading • Representative Jennings

Corrected, Failed

Plain English: The amendment removes certain provisions related to the membership and voting privileges of the investment funds committee, including deleting specific lines that mention providing for chairman roles and removing a subsection.

  • Removes language about providing for chairman roles in the committee.
  • Deletes references to a specific subsection (d) regarding committee operations.
  • Eliminates detailed provisions on voting privileges and removal of members.
  • The amendment text does not provide clear details on what new provisions, if any, will replace the deleted sections.
HB0219HS001

Standing Committee • House Appropriations Committee

Adopted

Plain English: The amendment changes the number of voting members in the investment funds committee from five to six and clarifies that certain ex officio members cannot vote on benchmarks.

  • Changes the number of voting members in the committee from five to six.
  • Specifies that ex officio nonvoting members do not have the right to vote on any benchmark.
  • The amendment does not provide details about who these new ex officio members are or how they will be appointed.
HB0219S3001

3rd reading • Senator Gierau

Failed

Plain English: This amendment removes certain sections and provisions related to the membership and voting privileges of the investment funds committee, including deleting specific lines that were previously added by another amendment.

  • Removes language about providing for the removal of members from the bill.
  • Deletes a section detailing how committee members are elected in even-numbered years and replaces it with an annual election process starting January 1, 2022.
  • Eliminates specific lines that were previously added by another amendment.
  • The exact impact of removing these sections is not fully explained in the provided text.
  • Some technical details about what was originally deleted are missing from this amendment's description.
HB0219SS001

Standing Committee • Senate Appropriations Committee

Adopted

Plain English: The amendment removes certain provisions related to the membership and voting privileges of the investment funds committee.

  • Removes language about providing for specific actions regarding committee members.
  • Deletes a line that was previously part of the bill text.
  • Eliminates references to particular sections (d) and (e).
  • Strikes out detailed descriptions of how the committee operates.
  • The exact nature of what is being removed from the bill is not fully explained in the amendment text, making it hard to understand all implications.

Bill History

  1. 2021-04-12 LSO

    Assigned Chapter Number 151

  2. 2021-04-12 Governor

    Governor Signed HEA No. 0084

  3. 2021-04-06 Senate

    S President Signed HEA No. 0084

  4. 2021-04-06 House

    H Speaker Signed HEA No. 0084

  5. 2021-04-06 LSO

    Assigned Number HEA No. 0084

  6. 2021-04-06 House

    H Concur:Passed 44-13-3-0-0

  7. 2021-04-06 House

    H Received for Concurrence

  8. 2021-04-02 Senate

    S 3rd Reading:Passed 17-8-5-0-0

  9. 2021-04-01 Senate

    S 2nd Reading:Passed

  10. 2021-03-31 Senate

    S COW:Passed

  11. 2021-03-31 Senate

    S Placed on General File

  12. 2021-03-31 Senate

    S02 - Appropriations:Recommend Amend and Do Pass 5-0-0-0-0

  13. 2021-03-26 House

    H02 - Appropriations:Refer to S02 - Appropriations

  14. 2021-03-25 Senate

    S Introduced and Referred to S07 - Corporations

  15. 2021-03-25 Senate

    S Received for Introduction

  16. 2021-03-24 House

    H 3rd Reading:Passed 40-19-1-0-0

  17. 2021-03-23 House

    H 2nd Reading:Passed

  18. 2021-03-22 House

    H COW:Passed

  19. 2021-03-17 House

    H Placed on General File

  20. 2021-03-17 House

    H02 - Appropriations:Recommend Amend and Do Pass 7-0-0-0-0

  21. 2021-03-05 House

    H Introduced and Referred to H02 - Appropriations

  22. 2021-03-04 House

    H Received for Introduction

  23. 2021-03-02 LSO

    Bill Number Assigned

Official Summary Text

Bill Summary - 21LSO-0387
Bill No.:

HB0219

Effective:

Immediately

LSO No.:

21LSO-0387

Enrolled Act No.:

HEA No. 0084

Chapter No.:

151

Prime Sponsor:

Nicholas

Catch Title:

Investment funds committee-membership.

Subject:

Investment Funds Committee.

Summary/Major Elements:

The Investment Funds Committee advises the State Treasurer and others on the investment of Wyoming's permanent and other funds.

The Committee is comprised of the State Treasurer and other members established in statute.

This bill amendments membership on the Committee to include the State Treasurer and six (6) voting members who are appointed by an existing, statutorily created selection panel.

The bill makes the Chief Investment Officer and the Wyoming Retirement System Chief Investment Officer ex officio nonvoting members of the Committee and allows both the House and Senate to each appoint one (1) ex officio nonvoting member.

Previously, the two (2) chief investment officers were voting members of the Committee.

The Legislature previously had only one (1) ex officio member on the Committee.

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.

Current Bill Text

Read the full stored bill text 
21LSO-0387

ORIGINAL House

ENGROSSED
Bill No
.
HB0219

ENROLLED ACT NO. 84,

HOUSE OF REPRESENTATIVES

SIXTY-SIXTH LEGISLATURE OF THE STATE OF WYOMING
2021 General Session

AN ACT relating to the investment of state funds; amending the membership of the investment funds committee; amending the voting privileges of members of the investment funds committee; providing for the removal of members; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 9
‑
4
‑
720(a), (b) and (f)(v) is amended to read:

9
‑
4
‑
720.

Investment funds committee created; duties
.

(a)

There is created the investment funds committee.

The committee consists of seven (7) voting members including the state treasurer
, the designated chief investment officer, the chief investment officer of the Wyoming retirement system
and
four (4)
six (6)
members appointed by a selection panel in accordance with W.S. 9
‑
4
‑
721. In addition to the voting members, there shall be one (1) ex officio nonvoting member appointed by the governor,
and
one (1) ex officio nonvoting member appointed by the
management council
president of the senate and one (1) ex officio nonvoting member appointed by the speaker of the house of representatives.

The designated chief investment officer and the chief investment officer of the Wyoming retirement system shall also be ex officio nonvoting members
.

(b)

The ex officio nonvoting member appointed by the governor shall serve for the term of office of the governor but may be removed by the governor.

The ex officio nonvoting
member
members
appointed by the
management council
president of the senate and speaker of the house of representatives
shall serve
a
two (2) year
term
terms
but
is
are
eligible for reappointment and may be removed by the
management council
officer appointing the member
.

(f)

The committee shall:

(v)

Establish or approve investment benchmarks and determine or review whether benchmarks have been exceeded as required by W.S. 9
‑
1
‑
409(e) and 9
‑
3
‑
406(a).

Notwithstanding subsections (a) and (b) of this section, members of the committee appointed by the governor or the management council may vote on benchmarks.

A member of the committee who is also an employee or board member of the state treasurer's office or the Wyoming retirement system
Ex officio nonvoting members of the committee
shall not vote on any benchmark.

Section 2.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1