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After constitutional approval, SLIB will set rules for cities and counties to invest directly in stocks
Summary
Senate File 145 authorizes local governments to invest directly in stocks and equities once the State Loan and Investment Board adopts investment policy statements comparable to state standards. The governor's office and local government associations are coordinating rule drafts; SLIB expects to consider policy language in August.
CHEYENNE — The committee reviewed how Senate File 145 will let Wyoming cities, counties and special districts invest directly in stocks and equities after SLIB (the State Loan and Investment Board) adopts investment policy statements for local governments.
LSO staff summarized the bill’s structure: local governments must create an investment advisory board to advise on equities investing, SLIB must adopt investment policy statements tailored to local governments and investments must comply with SLIB’s standards before any local political subdivision may invest directly in stocks.
Betsy Anderson, deputy chief of staff to the governor, said the governor asked the state board’s consultant (RVK) to draft proposed policy language for SLIB. The draft has been shared with municipal and county associations for feedback and Anderson said the administration expects SLIB to consider the language at its August meeting.
County officials expressed cautious interest. Jeremiah Reaman (Wyoming County Commissioners Association) told the committee that commissioners and treasurers will work with the association and the governor’s office to give substantive feedback and that the association appreciates a deliberate process.
Why it matters: The constitutional amendment adopted in 2022 authorized the change, contingent on a two‑thirds legislative vote; the 2024 statute created an investment pool managed by the treasurer. Senate File 145 adds a second path allowing political subdivisions to invest directly, but only after SLIB enacts policy language and local governments set up advisory boards and meet the SLIB requirements.
Next steps: SLIB is expected to consider proposed investment policy statements in August; local governments and associations have been asked to provide comments to RVK and the governor’s office beforehand.
Ending: Committee members asked for notification of SLIB’s schedule and for the treasurer’s office to publish guidance for local treasurers and finance officers once the policy statements are adopted.
