HB0295, the “Invest in Wyoming act,” creates a new state investment manager program intended to direct a portion of Wyoming public funds to investment managers located in Wyoming. The bill states legislative findings that economic diversification, domestic enterprise development, and fiscal stability are tied to Wyoming’s sovereignty, and it expresses a policy preference for having Wyoming funds managed by Wyoming-based firms rather than interstate managers.
The bill requires the state treasurer to publish an annual list of intrastate investment managers and identify which statutory qualifications they meet or fail to meet. It directs the treasurer to contract with qualified Wyoming investment managers through a selection process that considers performance, board approval, and consultation with the investment funds committee. Eligible managers must provide audited financial statements, a certified performance record, and evidence of relevant professional credentials or experience, and they must not be an alter ego of an out-of-state firm. Selected managers would handle between 3% and 5% of permanent funds authorized for investment, subject to limits on concentration and reporting requirements.
Impact
HB0295 would add a new statutory section, W.S. 9-4-722, and make conforming changes to Wyoming’s public funds investment laws, including definitions and provisions governing the treasurer’s authority to contract with investment managers. It would create a formal preference and process for using Wyoming-based investment managers for a limited share of state permanent funds, while preserving existing investment policy statements and exempting conflicting portions of W.S. 9-4-718 for this new program. The bill also specifies that existing contracts entered into before July 1, 2025, are not altered, and the act would take effect July 1, 2025.
Sentiment
Based on the bill text, the measure appears strongly pro-economic-development and pro-local-business, with a clear policy goal of keeping more investment activity and related fees in Wyoming. No committee transcripts or recorded votes were provided, so there is no documented public debate or formal vote history to indicate broader legislative support or opposition. The overall tone of the bill is affirmative and state-building, emphasizing diversification and sovereignty.
Contention
The main likely point of contention is whether the state should prioritize Wyoming-based investment managers over potentially larger or more established interstate firms, especially given the bill’s requirement that selected managers meet specific qualifications and its carve-out from conflicting existing law. Critics might question whether limiting a portion of state funds to in-state managers could reduce investment flexibility, competition, or returns, while supporters would likely argue it strengthens the state economy and builds local financial capacity. Another possible issue is the administrative burden on the treasurer and the board in evaluating manager status, performance, and compliance.