Bill > S3559

Introduced Session

The COVID-19 pandemic has caused widespread harm, claiming over 200,000 lives to date. The pandemic has also shut down the economies of the world, leading to massive closures of small businesses and loss of employment. In the United States alone, over 20 million Americans have filed for unemployment since the pandemic reached our shores. The risks of COVID-19 were hidden from foreign nations by the Chinese government, increasing the risk and toll of the pandemic worldwide. Chinese companies should not be rewarded with additional investment from State and national resources while they control a large proportion of pharmaceutical manufacturing. The state should reinvest in New Jersey-based pharmaceutical manufacturing to improve health and economic resources. This bill prohibits investment in any Chinese pharmaceutical company and any company that has an equity tie or is engaged in business operations with a Chinese pharmaceutical company. The State Investment Council will work with an independent research firm to track any current investments in Chinese pharmaceutical companies and take appropriate action to end the investment. The Division of Investment will submit an annual report to highlight the progress in fulfilling the requirements of the bill. The bill also protects the State Investment Council, employees of the Division of Investment, and other State officers and employees from legal action that may arise due to the provisions of this bill.

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Douglas Steinhardt (R)*,  Mike Testa (R)*, 

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 02/09/2023)

Official Document