SF0036 • 2023

Investment funds committee-selection panel amendments.

AN ACT relating to the investment of state funds; specifying procedures and deadlines for the investment funds committee and the selection panel of the investment funds committee; and providing for an effective date.

Enacted

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

Sponsor: Cap Fin & Inv
Last action: 2023-02-15
Official status: enrolled
Effective date: 7/1/2023

Plain English Breakdown

The official source material does not provide information about Senate confirmation for appointed voting members of the IFC, which was included in the candidate explanation.

Amendments to Investment Funds Committee and Selection Panel

This act sets deadlines for filling vacancies on the Investment Funds Committee (IFC) and its selection panel, requires that a chairperson be elected from among the selection panel members, and mandates resignation from the selection panel before applying to become an IFC member.

What This Bill Does

Sets a sixty-day deadline for the selection panel to fill any vacant positions on the IFC or within itself.
Requires the selection panel to elect a chairperson from among its members.
States that if someone wants to become an IFC member, they must first resign from the selection panel before applying.

Who It Names or Affects

Members and appointees of the Investment Funds Committee (IFC).
Selection Panel members who choose IFC members.

Terms To Know

Investment Funds Committee (IFC): A group that suggests investment policies for state funds to the State Loan and Investment Board.
Selection Panel: A committee responsible for choosing members of the IFC.

Limits and Unknowns

The act does not specify what happens if a selection panel member cannot be appointed within sixty days.
It is unclear how often the chairperson position will change based on these new rules.

Bill History

2023-02-15 LSO
Assigned Chapter Number 27
2023-02-15 Governor
Governor Signed SEA No. 0010
2023-02-14 House
H Speaker Signed SEA No. 0010
2023-02-13 Senate
S President Signed SEA No. 0010
2023-02-13 LSO
Assigned Number SEA No. 0010
2023-02-13 House
H 3rd Reading:Passed 62-0-0-0-0
2023-02-10 House
H 2nd Reading:Passed
2023-02-09 House
H COW:Passed
2023-02-07 House
H Placed on General File
2023-02-07 House
H02 - Appropriations:Recommend Do Pass 5-1-1-0-0
2023-02-03 House
H Introduced and Referred to H02 - Appropriations
2023-01-18 House
H Received for Introduction
2023-01-18 Senate
S 3rd Reading:Passed 29-1-1-0-0
2023-01-17 Senate
S 2nd Reading:Passed
2023-01-16 Senate
S COW:Passed
2023-01-16 Senate
S Placed on General File
2023-01-16 Senate
S02 - Appropriations:Recommend Do Pass 4-0-1-0-0
2023-01-10 Senate
S Introduced and Referred to S02 - Appropriations
2022-12-28 Senate
S Received for Introduction
2022-12-09 LSO
Bill Number Assigned

Official Summary Text

Bill Summary - 23LSO-0155
Bill No.:

SF0036

Effective:

7/1/2023

LSO No.:

23LSO-0155

Enrolled Act No.:

SEA No. 0010

Chapter No.:

27

Prime Sponsor:

Select Committee on Capital Financing & Investments

Catch Title:

Investment funds committee-selection panel amendments.

Subject:

Amending procedures for the Investment Funds Committee and Selection Panel.

Summary/Major Elements:

The Investment Funds Committee (IFC) is an entity under state law that recommends investment policies associated with the investment of state funds to the State Loan and Investment Board. Members of the IFC are chosen by a selection panel, whose members are selected by the State Loan and Investment Board.

This act requires that vacancies of both IFC and selection panel members must be filled within sixty (60) days of the vacancy.

This act also requires the selection panel to appoint a chairperson from among its members.

The act provides that a member of the selection panel who seeks to become a member of the IFC must first resign from the selection panel before seeking a nomination to the IFC.

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

23LSO-0155

ORIGINAL Senate

File No
.
SF0036

ENROLLED ACT NO. 10,

SENATE

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2023 General Session

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

Section 1
.

W.S. 9
‑
4
‑
720(c) and 9
‑
4
‑
721(a) and (b) are amended to read:

9
‑
4
‑
720.

Investment funds committee created; duties.

(c)

The voting members appointed by a selection panel shall serve a three (3) year term. The voting members are eligible for reappointment. Terms of appointment for voting members shall commence on March 1 of the year of appointment. Any appointed voting member of the committee may be removed by the selection panel at any time or may be removed by the governor for malfeasance or misconduct in office. If an appointed voting position on the committee becomes vacant for any reason, the selection panel shall
, not later than sixty (60) days after the position becomes vacant,
appoint a member in accordance with W.S. 9
‑
4
‑
721 to fill the position for the remainder of the unexpired term.

Appointed voting members of the investment funds committee shall be confirmed by the senate. The selection panel may fill any vacancy occurring between sessions of the legislature by temporary appointment.

9
‑
4
‑
721.

Investment funds committee; selection panel.

(a)

There is created the selection panel to appoint voting members to the investment funds committee as provided in W.S. 9
‑
4
‑
720.

The panel consists of five (5) members composed of one (1) member appointed by each of the members of the board.

Each selection panel member shall possess financial knowledge and experience to qualify them for the position. Once appointed, a selection panel member shall serve for the term of office of the board member who appointed them but may be removed by the appointing board member.
Upon the temporary appointment or election of a board member or upon a vacancy by the selection panel member that the board member is responsible for appointing, the board member shall appoint a selection panel member not later than sixty (60) days after assuming the office for which the board member was appointed or elected.

(b)

The selection panel shall
elect a chairman from among its members. The selection panel shall
research and interview candidates for the investment funds committee.

The selection panel shall solicit nominations for candidates for the investment funds committee from the state treasurer's office, other members of the investment funds committee, other appropriate entities and the board. Interested persons may apply directly to the panel.
A member of the selection panel who seeks to be a candidate for the investment funds committee shall resign from the selection panel before seeking a nomination to the investment funds committee.

Section 2
.

This act is effective July 1, 2023
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk