Bill Violates State Constitution and Disregards Attorney General's Formal Opinion

April 30, 2026 (Denver) -Colorado State Treasurer Dave Young issued the following statement on Colorado SB26-180:

"Childcare is a critical priority for the State of Colorado, and I understand the urgency to secure adequate support for families. However, for the first time in my tenure, I am compelled to take an 'oppose' position on a piece of legislation due to its blatant violation of the Colorado Constitution.

"As the chief fiduciary of the public's funds, my primary duty is to ensure that taxpayer dollars are managed with diligence, transparency, and care. SB26-180 represents a dangerous departure from these principles by attempting to bypass the constitutional safeguards that protect our state's fiscal stability.

"This bill is a high-stakes gamble with Colorado's future. It aims to sidestep clear legal prohibitions by creating a special purpose authority that would invest public dollars in speculative investments, such as private equity and real estate-instruments that the Colorado Constitution explicitly forbids. Attorney General Phil Weiser confirmed this constitutional prohibition in a recent formal opinion.

"By disregarding the State Constitution, this proposal puts critical programs at the mercy of private market volatility. While I share the sponsors' aim to fund childcare, I know we can find a more responsible and sustainable solution. I urge lawmakers to reject this risky approach and uphold their duty to protect taxpayer funds."

This spring, Colorado State Treasurer Dave Young requested a formal opinion from Attorney General Phil Weiser to settle the legal question regarding the proper investment of public funds. The Attorney General found that direct investments in companies, such as stocks and equities, violate Article XI, Section 2 of the Colorado Constitution. Read the full opinion issued on April 13, 2026.

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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.