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Bills · 2021-2022 Regular Session

AB 568

Died at session end Official bill text Atom feed

Relating to: investment of certain University of Wisconsin System revenues. (FE)

Investment board University of wisconsin — Finance University of wisconsin — Regents

  1. Introduced, stopped here
  2. Passes Assembly, not reached
  3. Passes Senate, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill expands the authority of the Board of Regents of the University of

Wisconsin System to manage the investment of certain UW System revenues

through a financial manager, a private investment firm, or the State of Wisconsin

Investment Board (SWIB), instead of investing these moneys in SWIB's State

Investment Fund (SIF).

Current law specifies that SWIB has control of the investment of certain state

moneys. SWIB manages the SIF, an investment trust that functions as the state's

cash management fund under which idle cash balances are pooled and invested in

liquid, low-risk investments until these moneys are needed.

Under current law, the Board of Regents may invest revenues from gifts,

grants, and donations by doing any of the following: 1) directly employing a financial

manager; 2) selecting a private investment firm using a competitive proposal

process; or 3) contracting with SWIB to manage the investment of these moneys. If

the Board of Regents invests these moneys in this manner, the moneys are not

required to be deposited in the SIF. If the Board of Regents contracts with SWIB to

invest these moneys, SWIB must invest the moneys in accordance with the terms of

its contract with the Board of Regents and SWIB's general standard of investment

prudence.

Under the bill, the Board of Regents may manage the investment of any

revenues designated by the Board of Regents in the same manner allowed under

current law for gifts, grants and donations: 1) by directly employing a financial

manager; 2) by selecting a private investment firm; or 3) by contracting with SWIB.

If the Board of Regents employs a financial manager or selects a private investment

firm, the designated revenues must be managed in accordance with the investment

policies established by the Board of Regents and consistently with the standard of

investment prudence for investing institutional charitable funds. If the Board of

Regents contracts with SWIB, SWIB must manage the designated revenues as

provided under current law, which requires SWIB to invest the moneys in accordance

with the terms of the contract and SWIB's standard of investment prudence.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Baldeh (D) , Edming (R) , Gundrum (R) , Horlacher (R) , Knodl (R) , Kuglitsch (R) , Loudenbeck (R) , Macco (R) , Moses (R) , Murphy (R) , Penterman (R) , Spiros (R) , Steffen (R) , Wittke (R) , Zimmerman (R)

13 cosponsors

Ballweg (R) , Bernier (R) , Cowles (R) , Duchow (R) , Felzkowski (R) , Feyen (R) , James (R) , Marklein (R) , Nass (R) , Petrowski (R) , Roys (D) , Shankland (D) , Stroebel (R)

Votes

Assembly: Report passage recommended by Committee on Colleges and Universities, Ayes 13, Noes 0

Passed 13–0 Feb 1, 2022 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Full history

  1. Sep 22, 2021 · Assembly

    Introduced by Representatives Macco, Steffen, Baldeh, Edming, Gundrum, Horlacher, Knodl, Kuglitsch, Loudenbeck, Moses, Murphy, Penterman, Spiros, Wittke and Zimmerman; cosponsored by Senators Stroebel, Cowles, Ballweg, Bernier, Felzkowski, Feyen, Nass, Petrowski, Roys and Marklein

  2. Sep 22, 2021 · Assembly

    Read first time and referred to Committee on Colleges and Universities

  3. Sep 28, 2021 · Assembly

    Fiscal estimate received

  4. Oct 1, 2021 · Assembly

    Fiscal estimate received

  5. Oct 28, 2021 · Assembly

    Representative Duchow added as a coauthor

  6. Dec 6, 2021 · Assembly

    Representative James added as a coauthor

  7. Dec 8, 2021 · Assembly

    Public hearing held

  8. Jan 13, 2022 · Assembly

    Executive action taken

  9. Jan 25, 2022 · Assembly

    Representative Shankland added as a coauthor

  10. Feb 1, 2022 · Assembly

    Referred to committee on Rules

  11. Feb 1, 2022 · Assembly

    Report passage recommended by Committee on Colleges and Universities, Ayes 13, Noes 0

  12. Feb 17, 2022 · Assembly

    Placed on calendar 2-22-2022 by Committee on Rules

  13. Feb 22, 2022 · Assembly

    Laid on the table

  14. Mar 15, 2022 · Assembly

    Failed to pass pursuant to Senate Joint Resolution 1