Senate committee advances resolution asking Congress to allow schools to use ‘earnings’ from permanent fund

The Wyoming Senate, sitting as the Committee of the Whole on Feb. 18, approved House Joint Resolution 1, a joint resolution asking Congress to introduce legislation amending Wyoming’s 1890 act of admission to replace the word “interest” with “earnings” in the sections that govern returns from the Common School Permanent Fund.

Senator Philip Driscoll, who explained the resolution on the floor, said the change would modernize archaic language and permit investment returns such as dividends and capital gains to be used for schools rather than limiting distributions narrowly to "interest." Driscoll cited other states that have taken similar steps and said the measure could meaningfully increase annual investment returns. "We looked at…New Mexico has done this…They drive 9% return on that common school permanent trust fund that New Mexico manages. Wyoming did 6%. So the differential on $5.6 billion is $171,000,000 in interest income that New Mexico derived," Driscoll said as an illustration of potential gains.

Committee amendments updated statutory references and the trust balance figures to reflect current market values. Senator Hicks moved a Committee of the Whole amendment to update the statute's language and the committee adopted the amendment.

After discussion the Committee of the Whole adopted a do‑pass recommendation. The transcript records the committee adoption by voice vote. Proponents said the resolution would allow Wyoming’s investment managers more flexibility to pursue higher returns for the benefit of school funding; opponents did not mount a sustained floor challenge during the committee action.

Because the resolution requests federal action (an amendment to Wyoming’s act of admission), it would not by itself change state statute until Congress acts on the request.