Treasurer Young Signs Letter Rejecting Political Interference in Investment Management
Feb. 20, 2025 (DENVER) - Colorado State Treasurer Dave Young and 16 other state financial officers sent a letter urging the U.S. Securities and Exchange Commission's (SEC) Acting Chairman Mark Uyeda and the Department of Labor (DOL) Acting Secretary Vince Micone to oppose a recent request by Republican state finance officials that the SEC and DOL ban investment managers and retirement plans from factoring broad categories of risks into decision-making processes.
Treasurer Young joins a coalition of national leaders calling on the SEC and DOL to reject the attempts by finance officials from other states to bring politics into people’s retirement planning and endanger the future of millions of working Americans and retirees. In part, the letter states that:
Restrictions on fiduciaries “would put American workers and retirees at a significant disadvantage” and “U.S. retirement funds could become less competitive and more vulnerable to market disruptions… Ensuring that fiduciaries can operate with the full breadth of risk assessment tools available is essential to maintaining trust in our financial system and safeguarding the future of America’s retirees.”
The letter also notes that fiduciaries should be allowed to consider long-term financial risks because retirement investments are built over a lifetime and require a “multi-decade approach to investment risk” to ensure that the hard-earned money from Americans remains resilient, secure, and ready to collect. Download the full letter here.
Treasurer Young joined the effort to challenge false and incorrect claims made by fellow state financial officers in a January 28, 2025 letter addressed to the acting heads of the SEC and DOL. The response letter was coordinated by Americans for Responsible Growth, a national advocacy group that works to ensure long-term sustainable economic growth, lower costs for consumers, and protect states' financial stability.
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About the Colorado Department of the Treasury
The Colorado Department of the Treasury is the constitutional guardian of the public’s funds. It is the Treasury’s duty to manage and account for the taxpayers’ dollars from the time they are received until the time they are disbursed. The Treasury’s staff is committed to safeguarding and managing the people’s monies with the same diligence and care as they do their own. For more information, visit colorado.gov/treasury.