Wyoming challenges investment rule change
CASPER (WNE) — Wyoming has joined a 25-state lawsuit against the U.S. Department of Labor over a new rule that will allow 401(k) managers to direct people’s retirement savings into environmental and social investments, Gov. Mark Gordon announced.
The 2022 Investment Duties Rule makes changes that authorize fiduciaries to consider and promote “nonpecuniary benefits,” or benefits not consisting of money, when making investment decisions; addressing climate change could be considered a benefit although it could cost a person financial gain.
The rule is set to take effect on Jan. 30.
“Allowing political agendas to guide managers investing Americans’ retirement accounts is unacceptable and short sighted,” Gordon said in a statement Thursday. “Their sole responsibility must be the best financial interests of the beneficiaries.”
A “stated desire to address climate change” by the Biden Administration may put retirement savings up against unnecessary risk, Gordon said.
The states involved in the lawsuit contend the rule is contrary to longstanding laws outlined in the Employee Retirement Income Security Act of 1974.
The federal law ensures fiduciaries do not misuse workers’ retirement savings.
About two-thirds of adult populations will be affected. There are 152 million workers with retirement savings totaling $12 trillion in assets.
Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, South Carolina, Tennessee, Texas, Virginia, West Virginia, and now Wyoming, are all part of the lawsuit.
Cheyenne man gets 15-20 years for child sex abuse
CHEYENNE (WNE) — After more than two years of legal proceedings, Peter Summerhawk, 48, of Cheyenne was sentenced Wednesday in Laramie County District Court to 15-20 years in prison.
Summerhawk pleaded guilty to two counts of first-degree sexual abuse of a child and one count of third-degree sexual abuse of a child.
In August 2020, Cheyenne Police received a report that Summerhawk had been sexually assaulting a juvenile for several months.
Following a thorough investigation, Cheyenne Police detectives sent a detailed five-page affidavit of probable cause to the Laramie County District Attorney’s office on Oct. 29, 2020. Additionally, a 32-page investigative report was also completed and submitted on Nov. 2, 2020.
More than seven months later, on June 8, 2021, detectives received a “declination of case” letter, signed by former District Attorney Leigh Ann Manlove, indicating that the case could not be prosecuted because additional information was needed.
However, detectives were not contacted regarding these questions prior to an email dated June 7, 2021.
Manlove has faced scrutiny for allegations that she mishandled the prosecution of cases and inappropriately dismissed certain cases and that she created a hostile work environment. The Wyoming Supreme Court is currently deliberating Manlove’s potential penalty after the State Bar’s Board of Professional Responsibility recommended disbarment.
In response, on Aug. 10, 2021, former City Attorney Mike O’Donnell, on behalf of the Cheyenne Police Department, filed a petition requesting that the prosecution be reassigned to the Wyoming Attorney General’s Office.
Approximately one month after O’Donnell’s petition, his successor, City Attorney Stefanie Boster, filed an amended petition providing additional information.
In November 2021, a judge granted the city’s request to have the Attorney General’s Office review and prosecute the case, which resulted in Summerhawk’s guilty plea.
Bill for $5.25 million to fortify border passes committee
JACKSON (WNE) — Some legislators want to send millions out of state to help build a border wall and transport migrants from southwest states to sanctuary cities.
Titled “Border wall and sanctuary city transport,” the bill proposes that the governor enter contracts with the state of Texas, giving the state $3 million to help build a border wall, $250,000 of which could be used to transport non-citizens of the U.S. to sanctuary cities in other states.
The bill, which passed the Senate Appropriations committee 3-2 this week, proposes sending $2 million to Arizona with the same intent, and $250,000 to Florida for transporting migrants.
A sanctuary city is not a legal term, but refers to communities that have a written or unwritten practice of limiting their enforcement of, without violating, federal immigration law.
Sen. Mike Gierau, a Jackson Democrat, recently filed an amendment to gut the bill of all funding.
Instead of sending $5.25 million out of state for three projects, Gierau’s amendment proposed sending $1 to each instead.
The bill passed the appropriations committee 3-2 and will next be taken up in the Senate.
Barrasso, Lummis join bill to stop Biden’s student debt cancellation
CHEYENNE WNE) — U.S. Sens. John Barrasso and Cynthia Lummis, both R-Wyo., have joined U.S. Senator Rick Scott, R-Fla., in reintroducing the Debt Cancellation Accountability Act.
A news release from Barrasso’s office stated: “This legislation would prevent the Biden administration from enacting an overreaching and irresponsible blanket cancellation of student loans. It requires the U.S. Department of Education to obtain an express appropriation from Congress to pay for any federal student loan debts the Department proposes to waive, discharge, or otherwise reduce whenever granted to two or more borrowers in an amount greater than $1,000,000, rather than on a case-by-case basis.”
Barrasso said in the release, “President Biden’s attempt to cancel millions of dollars in student loans undercuts hard-working Americans who are responsibly paying off their debt. … Our bill will hold the administration accountable and make sure no taxpayer in Wyoming or across the country is stuck paying off someone else’s student loans.”
The release quotes Lummis as saying, “It is lunacy that the Biden administration believes that people in Wyoming should fund his student loan bailout. It is unconstitutional and it is unfair.”
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