Louisiana SCR 75: RETIREMENT SYSTEMS: Creates the Digital Asset Investment Task Force.

Bill Text

SLS 24RS-3726 ORIGINAL
2024 Regular Session
SENATE CONCURRENT RESOLUTION NO. 75
BY SENATOR OWEN
RETIREMENT SYSTEMS. Creates the Digital Asset Investment Task Force.
1 A CONCURRENT RESOLUTION
2 To establish and provide for the Digital Asset Investment Task Force to study and make
3 recommendations regarding the potential risks and benefits of the public retirement
4 systems of Louisiana investing in digital assets and to report the findings of the task
5 force no later than February 1, 2025.
6 WHEREAS, the landscape of financial investments is rapidly evolving with the
7 advent of digital assets such as cryptocurrency, which has a market cap of approximately $1
8 trillion; and
9 WHEREAS, digital assets gained significant interest in the realm of exchange-traded
10 funds (ETFs); and
11 WHEREAS, the United States Securities and Exchange Commission (SEC) has
12 approved eleven spot Bitcoin ETFs as of January 10, 2024; and
13 WHEREAS, pension funds traditionally have exposure to a diverse number of sectors
14 of the economy, including commodities such as gold and silver, which are traditionally
15 invested in via ETF; and
16 WHEREAS, the State of Wisconsin Investment Board purchased more than one
17 hundred sixty million shares of Bitcoin ETFs; and
18 WHEREAS, the public retirement systems of Louisiana have an obligation to meet
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1 the best interest of their members.
2 THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
3 establish and provide for the Digital Asset Investment Task Force to study and make
4 recommendations on the potential risks and benefits of the public retirement systems of
5 Louisiana investing in digital assets and to report the findings of the task force no later than
6 February 1, 2025.
7 BE IT FURTHER RESOLVED that the legislature encourages the task force to
8 closely monitor the development in Bitcoin ETFs and other digital asset ETFs and consider
9 the implications of including such assets in the public retirement system's investment
10 portfolios after, to the extent possible, consulting with any firms that have been granted SEC
11 approval to offer a digital asset ETF.
12 BE IT FURTHER RESOLVED that the task force shall consist of twelve members
13 appointed as follows:
14 (1) One member of the House Committee on Retirement appointed by the chairman.
15 (2) One member of the Louisiana House of Representatives appointed by the speaker
16 of the House of Representatives.
17 (3) One member of the Senate Committee on Retirement appointed by the chairman.
18 (4) One member of the Louisiana Senate appointed by the president of the Senate.
19 (5) The governor or his designee.
20 (6) The state treasurer or his designee.
21 (7) Two members of the public with knowledge on digital assets, appointed by the
22 governor.
23 (8) One faculty member with investment-strategy knowledge from a university
24 within Louisiana.
25 (9) Three board members from a state or statewide public retirement system
26 appointed by the chairman of the Louisiana State Employees' Retirement System (LASERS).
27 BE IT FURTHER RESOLVED that each designating authority shall submit the
28 names and contact information of designees, no later than July 1, 2024, to the chairman of
29 LASERS, who shall call the first meeting of the task force no later than August 1, 2024.
30 BE IT FURTHER RESOLVED that at the first meeting, the members of the task
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1 force shall elect a chair and such other officers as they deem necessary; the chair shall call
2 subsequent meetings.
3 BE IT FURTHER RESOLVED that the task force shall meet no fewer than three
4 times before December 31, 2024, and submit its findings no later than February 1, 2025.
5 BE IT FURTHER RESOLVED that in conducting this study, the task force may seek
6 input, information, data, recommendations, and advice from any interested stakeholder
7 including but not limited to the following:
8 (1) Organizations that issue digital assets traded funds.
9 (2) Investment advisors from Louisiana.
10 (3) Louisiana university faculty studied in financial investment and pensions.
11 (4) Members of the Public Retirement Systems' Actuarial Committee.
12 (5) Board and staff members of any Louisiana public retirement system.
13 (6) Any persons, agencies, entities, or stakeholders that the task force deems relevant.
14 BE IT FURTHER RESOLVED that a majority of the task force shall constitute a
15 quorum for the transaction of business. All official actions of the task force shall require the
16 affirmative vote of a majority of the members.
17 BE IT FURTHER RESOLVED that the members of the task force shall serve
18 without compensation, except per diem or expenses reimbursement to which they may be
19 individually entitled as members of their constituent organizations.
20 BE IT FURTHER RESOLVED that LASERS shall provide staff for the task force
21 and the legislative auditor shall pro