Montana Public Funds Investment, C-44 (2008)

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The Montana Public Funds Investment Measure, also known as C-44, was a legislatively-referred constitutional amendment that appeared on the November 4, 2008 ballot in Montana, where it was defeated.

It sought to allow up to 25 percent of certain public funds to be invested in private corporate capital stock.

Election results

Montana C-44 (Public Funds Investment Measure)
Defeatedd No337,65674.1%
Yes 118,178 25.9%

Official results via: The Montana Secretary of State


Supporters included:

Arguments in favor of C-44

Notable arguments made in support of the measure included:

  • If the measure passed, it would allow more investment diversity for the state, which would improve returns.
  • Montana is one of the few states that does not allow equity investments to be used to add to trusts.
  • Under the current Constitution, state investment managers can only invest in bonds. When bonds' interest goes down, managers are unable to take advantage of more lucrative opportunities.
  • A variety of investments will reduce the risks that exist when only one type of investment is utilized
  • 125 out of 150 state legislators voted to put C-44 on the ballot
  • The measure doesn't mandate a percentage of investment, it only allows for more, so in times of economic hardship the percentage can be 0%


Opponents included:

Arguments made against C-44

Notable arguments made in opposition to the measure included:

  • The inherent risks involved in stock investments would put state funds in jeopardy. This risk is amplified by the current economic situation in the United States.
  • If passed, the initiative could lead to corporations and lending companies lobbying state officials in order to sell their stock to the Montana public fund.
  • The government would be under pressure to give special protection to the companies in which it had invested to protect those investments, which would hinder the competitive ability of smaller businesses.
  • According to Article X, Section 3 of the Montana Constitution, any loss to the Montana public fund must be reimbursed through higher taxes, meaning bad investments could lead to raised taxes.

See also

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