The bill amends various sections of Florida Statutes to enhance the investment strategies of the Chief Financial Officer (CFO) by allowing investments in digital assets and exchange-traded products. It introduces definitions for terms such as "digital asset," "qualified custodian," and "exchange-traded product," and permits the CFO to invest up to 10% of total funds from state funds, including the General Revenue Fund and the Budget Stabilization Fund, in these assets. The bill also outlines requirements for managing digital assets, including the necessity for collateralized loans and mandates that taxes and fees paid in digital assets be transferred to the General Revenue Fund. Additionally, it grants the CFO rulemaking authority to implement these changes effectively.

Moreover, the bill updates fiduciary standards and investment policies, specifically replacing the reference to section 215.47(10) with section 215.47(11) regarding the board's fiduciary responsibilities. It requires the board to review investments in Chinese companies and develop a divestment plan by specified deadlines. The investment policy statement must align with the new fiduciary standards, and the Florida Hurricane Catastrophe Fund is authorized to engage in capital market transactions under these revised standards. The act is set to take effect on July 1, 2026.

Statutes affected:
H 183 Filed: 17.57, 17.61, 121.151, 280.03, 215.4701, 215.473, 215.4735, 215.475, 215.4755, 215.50, 215.555, 218.409, 1002.36, 1002.395