This bill authorizes local governments in Wyoming to invest directly in equities, such as stocks of corporations, under specific conditions. It establishes new sections in the law that define "local government" and outline the requirements for these investments. Local governments can invest up to 30% of their available reserves in equities, and any earnings from these investments can be reinvested without counting towards this limit. The bill also mandates that local governments must report on the disposition of earnings and adhere to certain qualifications for investment managers, including having at least ten years of experience and no felony convictions.

Additionally, the bill specifies that investments must be made with qualified individuals or firms, and it includes provisions for the timing of crediting earnings to local government accounts. Notably, a previous requirement regarding the duration of investments was removed, allowing for more flexibility. The act is set to take effect on July 1, 2025, and requires a two-thirds vote from both houses of the legislature for enactment.