---
type: "Bill"
title: "Investment of public funds; qualified public entity allowed to invest in asset-backed securities."
description: "Investment of public funds. Allows any qualified public entity of the Commonwealth to invest in asset-backed securities that are guaranteed by the United States or any agency thereof. This bill is identical to SB 510."
jurisdiction: "us/states/va"
legislature: "Virginia General Assembly"
session: "2024"
identifier: "HB 356"
citation: "Virginia HB 356 (2024)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["Hyland F. \"Buddy\" Fowler, Jr."]
version_count: 4
action_count: 32
vote_count: 7
first_action: "2024-01-05"
last_action: "2024-03-14"
source: "openstates"
source_identifier: "ocd-bill/708142a8-9285-4a41-94f4-f72bd7b8c205"
source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB356"
source_hash: "196f26f10655d0cc2f510b8faab72d4bad9e2d16048227aeccf3411ab8229664"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-va"]
---

# Virginia HB 356 (2024) — Investment of public funds; qualified public entity allowed to invest in asset-backed securities.

Investment of public funds. Allows any qualified public entity of the Commonwealth to invest in asset-backed securities that are guaranteed by the United States or any agency thereof. This bill is identical to SB 510.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **CHAP0065** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+CHAP0065)
2. **Committee substitute printed 24106906D-H1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB356H1)
3. **HB356ER** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB356ER)
4. **Prefiled and ordered printed; offered 01/10/24 24102813D** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB356)

## Votes

- Reported from Finance and Appropriations (14-Y 0-N) — **14–0** (pass) · upper
- Referred from General Laws — **0–0** (fail) · lower
- Reported from Appropriations with substitute (22-Y 0-N) — **22–0** (pass) · lower
- Passed Senate (39-Y 0-N) — **39–0** (pass) · upper
- VOTE: Block Vote Passage (98-Y 0-N) — **97–0** (pass) · lower
- Subcommittee recommends reporting with substitute (8-Y 0-N) — **8–0** (pass) · lower
- Constitutional reading dispensed (40-Y 0-N) — **40–0** (pass) · upper

## Sponsors

- Hyland F. "Buddy" Fowler, Jr. — primary (person)
- Ian T. Lovejoy — cosponsor (person)
- Marty Martinez — cosponsor (person)
- W. Chad Green — cosponsor (person)
- Wendell S. Walker — cosponsor (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2024-01-05** Prefiled and ordered printed; offered 01/10/24 24102813D `filing, introduction`
- **2024-01-05** Referred to Committee on General Laws `referral-committee`
- **2024-01-11** Impact statement from DPB (HB356)
- **2024-01-30** Referred from General Laws `referral-committee`
- **2024-01-30** Referred to Committee on Appropriations `referral-committee`
- **2024-01-31** Assigned App. sub: Commerce Agriculture & Natural Resources `referral-committee`
- **2024-02-02** Subcommittee recommends reporting with substitute (8-Y 0-N) `substitution`
- **2024-02-02** Reported from Appropriations with substitute (22-Y 0-N) `committee-passage`
- **2024-02-02** House subcommittee amendments and substitutes offered
- **2024-02-02** Committee substitute printed 24106906D-H1 `substitution`
- **2024-02-05** Impact statement from DPB (HB356H1)
- **2024-02-06** Read first time `reading-1`
- **2024-02-07** Read second time `reading-2`
- **2024-02-07** Committee substitute agreed to 24106906D-H1 `substitution`
- **2024-02-07** Engrossed by House - committee substitute HB356H1 `substitution`
- **2024-02-08** Read third time and passed House BLOCK VOTE (98-Y 0-N) `passage, reading-3`
- **2024-02-08** VOTE: Block Vote Passage (98-Y 0-N) `passage`
- **2024-02-09** Constitutional reading dispensed
- **2024-02-09** Referred to Committee on Finance and Appropriations `referral-committee`
- **2024-02-21** Reported from Finance and Appropriations (14-Y 0-N) `committee-passage`
- **2024-02-22** Constitutional reading dispensed (40-Y 0-N)
- **2024-02-23** Read third time `reading-3`
- **2024-02-23** Passed Senate (39-Y 0-N) `passage`
- **2024-02-28** Enrolled `enrolled`
- **2024-02-28** Bill text as passed House and Senate (HB356ER) `passage`
- **2024-02-28** Impact statement from DPB (HB356ER)
- **2024-02-28** Signed by Speaker `passage`
- **2024-03-02** Signed by President `passage`
- **2024-03-11** Enrolled Bill communicated to Governor on March 11, 2024 `enrolled, executive-receipt`
- **2024-03-11** Governor's Action Deadline 11:59 p.m., April 8, 2024 `executive-receipt`
- **2024-03-14** Approved by Governor-Chapter 65 (effective 7/1/24) `executive-signature`
- **2024-03-14** Acts of Assembly Chapter text (CHAP0065)

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/708142a8-9285-4a41-94f4-f72bd7b8c205`. Confidence: reported (aggregated from official Virginia legislature records).