House approves constitutional amendment to broaden treasurer’s investment options, sponsor says it could generate $15 million

The Missouri House passed a committee substitute for House Joint Resolution 159 on April 15, a bipartisan measure the sponsor said would modernize the constitution to allow the state treasurer "to responsibly manage tax dollars" under established safeguards.

The gentleman from Lafayette County framed the proposal as an 80-year update to investment policy that does not permit risky or speculative investments but would permit "reasonable, prudent financial instruments" under existing constitutional and statutory constraints. He told the chamber that conservative assumptions could generate an additional $15,000,000 for the state without raising taxes or cutting services.

Members pressed the sponsor on what would count as "prudent" investments and whether future political actors could expand authority. The sponsor said an investment policy and a separate review committee constrain the treasurer and that the change does not grant a "blank check." One member noted that a similar measure had been on ballots previously and said he would oppose overruling voter intent; the sponsor replied that ballot language previously was drawn by the secretary of state while this amendment’s language would be drafted by legislators.

After floor debate the resolution passed with yeas 101 and nays 34 and will proceed through the constitutional amendment process described in statute.