January 13, 2022 - Introduced by Senators Darling and Cowles, cosponsored by
Representatives Wittke, Born, Macco, Cabral-Guevara, Drake, Gundrum,
Katsma, Knodl, Kuglitsch, Magnafici, Murphy, Sinicki, Steffen and
Kerkman. Referred to Committee on Transportation and Local Government.

SB863,1,5 1An Act to repeal 25.18 (1) (o) and (p); to renumber and amend 25.167 and
225.187 (1); to amend 25.156 (3) and (4), 25.16 (2) and (3), 25.165 (2) (c), 25.17
3(3) (b) 3., 25.17 (3) (dg) 2., 25.17 (70) (intro.), 25.18 (1) (intro.), (a), (f) and (m)
4and 25.183 (3); and to create 25.167 (2m), 25.187 (1) (b) and (c) and 25.187 (4)
5of the statutes; relating to: investment board operations.

This bill makes various changes relating to the State of Wisconsin Investment
Board.

Under current law, among its powers and duties, SWIB may do any of the
following:

1. Employ special legal or investment counsel in any matters arising out of the
scope of its investment authority, notwithstanding certain other statutory provisions
relating to state procurement and state agency employment of attorneys, but
employment of special legal counsel paid by SWIB must be with the consent of the
attorney general.

3. Secure insurance against risks relating to SWIB's investments or properties.

4. Liquidate any corporation wholly owned by SWIB or operate the corporation
for up to five years until it can be liquidated.

5. Take necessary action to make investments in mortgage loans or purchase
real estate interests.

6. Maintain and repair any building that SWIB owns in fee or in which SWIB
owns the beneficial interest and, notwithstanding certain other statutory provisions
relating to state procurement or engineering, have exclusive authority to contract as
SWIB deems necessary for this purpose.

7. Engage in certain types of securities lending and repurchase agreement
transactions.

8. Sell securities that SWIB has the right to acquire by exercising conversion
rights.

9. Employ professionals, contractors, or other agents necessary to evaluate or
operate any property if a fund managed by SWIB has an interest in, or is considering
purchasing or lending money based upon the value of, that property,
notwithstanding certain other statutory provisions relating to state procurement.