May: House Defeats Rep. Rice’s Risky Investment Scheme

House GOP and Dems Team Up to Stop Investment Gamble on Retirement Accounts

The state House of Representatives today stopped a Senate Joint Resolution that House Republicans said encouraged risky investments for Coloradans’ individual retirement accounts.

At issue was Senate Joint Resolution 15, by Rep. Joe Rice, D-Littleton, which would have granted the state House of Representatives’ encouragement and stamp of approval for Colorado businesses to add a renewable energy fund to every 401(k) and other defined contribution plans in the state. The resolution was defeated when Representatives on both sides of the aisle saw how risky this investment strategy is.

“The House is not going to encourage people to gamble with their retirement funds,” said House Republican Leader Mike May. “I don’t believe that the state House should set the precedent of trying to pick winners and losers in the stock market. Especially not for Rice’s special interest cronies.”

As an example, May, R-Parker, pointed to a much-hyped foreign corporation that could be included in such an investment that has seen their stock drop nearly 70 percent in the last 20 months.

“We all support and encourage renewable energy,” May said. “But that doesn’t mean that Coloradans should be led to believe that the state House says they are a sound investment for your retirement.”

After a spirited debate, the House defeated the SJR 15 on a vote of 42-21.