Missourians are slated to decide next week whether they should create a wealth fund that could pay the state’s expenses decades into the future.
Amendment 7 would establish what’s known as a sovereign wealth fund. It would take in money from either the General Assembly or bequests from wealthy individuals. And it would authorize the state treasurer to invest in “exchange-traded funds tracking the stock performance of the Standard and Poor’s 500, or a comparable successor index to be determined by law.”
Rep. Colin Wellenkamp, R-St. Charles, said an investment of $250 million could grow big enough by 2125 to cover most of the state’s expenses…