Investment Policy for State Budget Reserves: What Legislators Should Know


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Investment Policy for State Budget Reserves: What Legislators Should Know

With interest rates at prolonged historic lows, legislators in many states have expressed interest in boosting yields on reserve balances. This webinar will inform legislators about the considerations states should weigh when managing and investing reserves, including rainy day fund balances and trusts designed for long-term spending needs. In particular, the session will discuss some of the restrictions states face investing reserve funds, as well as how fund managers balance the need for both safety and liquidity against the possibility of higher yield. While day-to-day management of these portfolios is typically an executive branch function, legislators play a key role authorizing or prohibiting investment vehicles, legislating fund management and oversight structures, as well as providing guidance on investment policy parameters. 

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  • Jackson Brainerd, research analyst, NCSL


  • Akshay Iyengar, associate, The Pew Charitable Trusts
  • Representative Giovanni Capriglione, Texas
  • Matt Fabian, partner, Municipal Markets Analytics

Additional Resources

This webinar is made possible with the generous support of The Pew Charitable Trusts.

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