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69th Legislature 2025 HB 919.1
- 1 - Authorized Print Version – HB 919
1 HOUSE BILL NO. 919
2 INTRODUCED BY K. WALSH, L. JONES, E. TILLEMAN
3
4 A BILL FOR AN ACT ENTITLED: “AN ACT IMPLEMENTING THE PROVISIONS OF HOUSE BILL NO. 2;
5 REQUIRING THE BOARD OF INVESTMENTS TO PERFORM DUTIES IN A RESTRICTED FIDUCIARY FUND
6 TYPE; AMENDING SECTION 2-15-1808, MCA; AND PROVIDING AN EFFECTIVE DATE.”
7
8 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
9
10 Section 2-15-1808, MCA, is amended to read:
11 "2-15-1808. (1) There is a
12 board of investments within the department of commerce.
13 (2) Except as otherwise provided in this subsection, the board is allocated to the department for
14 administrative purposes as prescribed in 2-15-121. The board may employ a chief investment officer and an
15 executive director who have general responsibility for selection and management of the board's staff and for
16 direct investment and economic development activities. The board shall prescribe the duties and annual
17 salaries of the chief investment officer, executive director, and six professional staff positions. The chief
18 investment officer, executive director, and six professional staff serve at the pleasure of the board.
19 (3) The board is composed of nine members appointed by the governor, as prescribed in 2-15-
20 124, and two ex officio, nonvoting members. The members are:
21 (a) one member from the public employees' retirement board, provided for in 2-15-1009, and one
22 member from the teachers' retirement board provided for in 2-15-1010. If either member of the respective
23 retirement boards ceases to be a member of the retirement board, the position of that member on the board of
24 investments is vacant, and the governor shall fill the vacancy in accordance with 2-15-124.
25 (b) seven members who will provide a balance of professional expertise and public interest and
26 accountability, who are informed and experienced in the subject of investments, and who are representatives
27 of:
28 (i) the financial community; ****
69th Legislature 2025 HB 919.1
- 2 - Authorized Print Version – HB 919
1 (ii) small business;
2 (iii) agriculture; and
3 (iv) labor; and
4 (c) two ex officio, nonvoting legislative liaisons to the board, of which one must be a senator
5 appointed by the president of the senate and one must be a representative appointed by the speaker of the
6 house. The liaisons may not be from the same political party. Preference in appointments is to be given to
7 legislators who have a background in investments or finance. The legislative liaisons shall serve from
8 appointment through each even-numbered calendar year and may attend all board meetings. Legislative
9 liaisons appointed pursuant to this subsection (3)(c) are entitled to compensation and expenses, as provided in
10 5-2-302, to be paid by the legislative council.
11 (4) The board is designated as a quasi-judicial board for the purposes of 2-15-124.
12 (5) The board shall perform all duties outlined in 2-15-121 subject only to the restrictions of Title
13 17, chapters 5 and 6, in a restricted fiduciary fund type pursuant to 17-2-102(3)."
14
15 NEW SECTION. Section 2. [This act] is effective July 1, 2025.
16 - END -