This bill amends existing laws regarding the investment of state funds in Wyoming, specifically granting the investment funds committee the authority to approve investments in alternative assets and to select investment managers. The state treasurer is empowered to make recommendations and obtain approval from the investment funds committee before proceeding with alternative investments. Additionally, the committee can delegate its approval authority to the state treasurer, allowing for a more streamlined investment process. The bill also requires the state treasurer to report to the investment funds committee regarding investment managers at least semi-annually.

Key changes include the replacement of the term "board" with "investment funds committee" in various sections, emphasizing the committee's role in overseeing investment decisions. The bill establishes that the committee will meet regularly and make decisions based on a majority vote of its members. Furthermore, it introduces new provisions for the committee to approve or reject the selection of investment managers and investments in alternative assets, ensuring a structured approach to managing state funds. The act is set to take effect on July 1, 2025.