Committee advances bill letting state treasurer consider limited investments in precious metals and digital assets

The Ways and Means Committee voted to recommend passage of House Bill 302 on a 11–8 roll call after a work session that drew testimony from State Treasurer Monica Musappelli and multiple legislators.

HB302 would add precious metals and specified digital assets to the list of investments the state treasurer may consider, with a statutory cap that no more than 5% of total public funds may be invested in those asset classes.

State Treasurer Monica Musappelli told the committee she does not take a position on the bill and described practical constraints on deploying those assets. "Because it's not a requirement to invest in precious metals and digital assets, it doesn't create an immediate impact in the way we invest our funds," Musappelli said, adding that operating and rainy day funds require liquidity and low volatility.

Musappelli described trust funds the treasury holds that are managed for long-term capital appreciation and said those funds — rather than short-term operating cash — would be the only likely candidates for any limited…