Bill > HB0295

This bill creates the Invest in Wyoming program, which aims to promote economic diversification by encouraging the use of local investment managers for state funds. The legislation requires the state treasurer to maintain a list of intrastate investment managers (Wyoming-based firms) and establish a process for selecting and contracting with these managers. To qualify, an intrastate investment manager must be registered as an investment adviser, have a principal place of business in Wyoming, be controlled by at least one Wyoming-certified professional, and employ at least two professionals within the state. The bill mandates that these managers will be responsible for investing between 3% and 5% of the state's permanent funds, with no single manager handling more than 10% of their total managed assets. Managers will be selected through a qualification process considering their historical performance and must meet specific requirements, such as submitting audited financial statements and having at least one employee certified by the Financial Industry Regulatory Authority (FINRA). The legislation is part of Wyoming's broader strategy to increase local economic opportunities, promote state sovereignty, and foster the development of domestic enterprises by keeping a portion of investment management within the state. The act will become effective on July 1, 2025, and will not alter existing contracts made before that date.

https://www.wyoleg.gov/Legislation/2025/HB0295