Senate Bill No. introduced by K. Bogner aims to revise the laws governing the Montana Board of Investments by imposing restrictions on state investments in unaccountable securities. The bill establishes that the Board cannot invest in securities listed on exchanges in jurisdictions where the federal Public Company Accounting Oversight Board has not conducted necessary inspections of registered public accounting firms. Additionally, the Board is mandated to divest from such securities when it can do so without incurring a loss of capital or revenue, or whenever it is deemed prudent. The bill also requires the Board to consult with the Securities and Exchange Commission biennially to ensure compliance with these investment principles.

The bill includes new sections that define key terms, such as "Board" and "Registered public accounting firm," and outlines the effective date of the legislation as July 1, 2025. Furthermore, it specifies that the new provisions will be codified as part of Title 17, chapter 6, part 2 of the Montana Code. This legislative effort seeks to ensure that state investments adhere to constitutional principles of prudence and safety, thereby protecting public funds.