DeLaney offers amendments to protect retirees, taxpayers from risky state investments

Today, Jan. 20, State Rep. Ed DeLaney (D-Indianapolis) offered several amendments to House Bill 1042 in an effort to prohibit state pension funds from being invested in cryptocurrency. The amendments were defeated. 

“Interfering in the decision of our pension trustees and advisors is not the responsibility of the legislature and may well be beyond our competence,” DeLaney said. “I offered these amendments to protect the pension funds of state employees from high-risk investment decisions. 

“It is fiscally irresponsible to allow state pension funds to be opened up to such risk simply because we want to send a message that the Indiana House of Representatives is supportive of the crypto industry. If state funds are invested in cryptocurrency and that investment goes bad, the state still has an obligation to pay for those pensions. The taxpayers of Indiana could be on the hook because the legislature wants to jump headfirst into something new and risky. 

“Our retirees deserve to be helped by the state, not given hasty investment advice that resembles a technocratic pyramid scheme.”