HB 104 – Raids rainy day funds

HB 104 diverts $5 billion from the state’s Rainy Day Fund to create a high-risk investment vehicle aimed at developing frontier technologies. While marketed as economic development, this initiative empowers a politically appointed board to steer taxpayer money into speculative sectors with no guarantees of return. The fund reduces the financial cushion meant for true emergencies and could expose state resources to market volatility. Administrative and investment expenses are also pulled from the fund itself, compounding taxpayer risk. This bill is a departure from sound, conservative budgeting—prioritizing government-directed venture capital over tax relief and core responsibilities. Instead of expanding government-led investment schemes, lawmakers should return surplus funds to taxpayers.