The bill amends the existing law regarding the school foundation program reserve account in Wyoming, allowing for the investment of funds within the account in equities, including stocks of corporations. The state treasurer or their designee, who must be registered under the Investment Advisor's Act of 1940 if required, is authorized to manage these investments. The bill also specifies that all investment earnings from the account will no longer be credited to the general fund but will be managed according to new guidelines that emphasize preserving the account's balance while aiming for the highest possible risk-adjusted total net return.

Additionally, the bill outlines that the state loan and investment board must adopt investment policy statements that prioritize safety and liquidity alongside return on investment. The effective date for this act is set for July 1, 2023.