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Committee approves bill letting local governments invest in equities under SLIB rules, adds risk disclosures
Summary
Senate File 145 would authorize cities, towns and counties to invest in equities under State Loan and Investment Board (SLIB) policy, with proposed amendments clarifying SLIB authority and putting risk responsibility on participating political subdivisions. The committee passed the bill 4-1.
Senator Nethercott presented Senate File 145 to the Senate Corporations, Elections & Political Subdivisions Committee, proposing to authorize local governments to invest in equities similar to the state by following investment policy statements adopted by the State Loan and Investment Board (SLIB). The bill passed the committee by roll call, 4 ayes and 1 no.
The bill would allow political subdivisions to invest in equities subject to SLIB‑adopted investment policy statements and to create local investment advisory boards. The sponsor said the change responds to local governments that find existing pooled options (WIOSTAR/WildStar accounts) inadequate and want more autonomy to manage investment earnings.
Betsy Anderson, deputy…
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