Requires the boards of regents of the University of Washington and Washington State University to each adopt a policy creating an operating funds investment account and authorizes the universities to deposit public money from operating funds not needed for immediate expenditure into the investment account.

Requires the state investment board to report on the board's investment activities for the universities' operating funds investment accounts to the house and the senate ways and means committees.

Takes effect if the proposed amendment to Article XXIX, section 1 of the state Constitution is approved by the voters at the next general election.