Reject HF 2414 - Stop Gambling with State Funds

I urge you to reject House File 2414, which would require the State Treasurer to gamble with Iowa taxpayers’ money by investing significant portions of the state general fund in precious metals and equity interests in commodity-producing businesses. According to reports, this bill would mandate investing 20% of the state general fund in gold, silver, platinum, or palladium, and another 10% in equity interests in businesses producing these metals as well as oil and natural gas. This is fiscal irresponsibility at its worst. Iowa’s budget should not be treated like a commodity speculation fund. If legislators want to gamble on gold, silver, and energy stocks, they should do it with their own money—not with the tax dollars Iowans have entrusted to the state. The volatility of commodity markets is well-documented. Gold prices can swing dramatically based on global economic conditions, and energy sector investments carry significant risk. Mandating that 30% of state funds be invested in these volatile markets ignores basic principles of sound financial management and puts Iowa’s fiscal stability at risk. State funds should be invested conservatively to ensure they’re available when needed for essential services like education, infrastructure, and public safety. This bill prioritizes ideological investment strategies over fiscal responsibility. I urge you to reject House File 2414 and any similar proposals that would force the state to make risky investments with public money.