Sen. Craven files bill in North Carolina Senate to establish state investment authority

A new bill filed by Sen. Craven proposes to reorganize investment powers within North Carolina by establishing an independent investment authority to manage state funds and enhance oversight, according to the North Carolina State Senate.

The bill, filed as SB 709 on March 25 during the 2025 regular session, was formally listed with the short title: ‘2025 State Investment Modernization Act.-AB’

The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.

In essence, this bill, known as the 2025 State Investment Modernization Act, aims to reorganize the investment responsibilities and powers within the State of North Carolina by establishing the North Carolina Investment Authority (NCIA). The bill restructures Article 6 of Chapter 147 of the General Statutes, creating five new parts to streamline investment processes, enhance oversight, and separate the NCIA’s functions from the Department of State Treasurer. It details the creation of a Board of Directors to govern the NCIA, outlining their appointments, terms, duties, and disqualifications. The NCIA is tasked with managing state investment funds, including retirement systems and special funds, independently from the fiscal controls previously held by various state departments, and is empowered to engage in a range of investment activities, including in digital assets, with oversight and approval requirements. The bill specifies fiduciary responsibilities, liquidity monitoring duties, confidentiality provisions, and reporting requirements to ensure transparency and accountability. It sets effective dates for various sections, with implementation commencing from July 1, 2025, and full operational authority transferring to the NCIA by January 1, 2026.

A related bill, HB 506, was also filed in the North Carolina House, introduced by Rep. Brenden H. Jones (and three others) on March 24, 2025.

Of the three sponsors of this bill, Ralph Hise proposed the most bills (35) during the 2025 regular session.

Bills in North Carolina follow a multi-step process before becoming law. A lawmaker starts by filing a bill, which is assigned to a committee for review. The bill must be read three times in each chamber. If one chamber changes the bill after the other passes it, both must agree on the final version. Once both chambers approve the same bill, it goes to the governor, who has 10 days (or 30 if the legislature is not in session) to sign, veto, or let it become law without a signature.

You can read more about the bills and other measures here.

Craven graduated from the University of North Carolina Charlotte in 2012 with a BA.

Craven, a Republican, was elected to the North Carolina State Senate in 2023 to represent the state’s 29th Senate district, replacing previous state senator Steven Jarvis.