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Montana hearing on HB 429 would let Board of Investments place limited funds in precious metals and large-market digital assets
Summary
Supporters said HB 429 would give the Board of Investments tools to protect purchasing power; opponents urged caution about a $50 million transfer and fiscal risk. Witnesses discussed custody, market-cap limits and how legislative appropriations would control withdrawals.
Representative Schomer, sponsor of House Bill 429, introduced the bill to the House Business and Labor Committee, saying it would give Montana a new option to protect state funds from inflation.
The bill would allow — but not require — the Board of Investments to invest up to $50,000,000 of state funds in “precious metals” and in qualifying digital assets. Proponents described the change as a limited, optional diversification tool; opponents said the proposed transfer and new investment risks warranted a “do not pass.”
"House Bill 429 is a good bill," Representative Schomer told the committee at the opening of the hearing. "All of us have been to the grocery store lately. All of us have had to buy the same groceries." He framed the measure as one way to help public funds cope with declining purchasing power.
Scott Bollinger, who identified himself and displayed an example silver bar for the committee, said the bill’s precious-metal option would generally use refined bullion or…
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