Bill > S3735

Introduced Session

This bill requires the Director of the Division of Investment in the Department of the Treasury to conduct a review of State pension and annuity fund assets to determine the extent to which those assets are invested in any foreign company with an equity tie to a foreign adversary or its instrumentalities. For purposes of the bill, "foreign adversary" is defined as any foreign government or foreign non-government person determined by the United States Secretary of Commerce to have engaged in a long-term pattern or serious instances of conduct significantly adverse to the national security of the United States or security and safety of United States persons. The bill defines "equity tie" as manufacturing or mining plants, employees or advisors, facilities, or an investment, fiduciary, monetary or physical presence of any kind, including an ownership stake in one or more subsidiary or joint venture with one or more companies in the country. "Equity tie" would not include the activities of any foreign company providing humanitarian aid to people through a non-governmental organization. Six months after the bill's effective date, the director would be required to submit to the Governor, the Legislature, and the State Investment Council a report of all pension and annuity fund assets invested in foreign companies with an equity tie to a foreign adversary and recommendations as to whether the State should divest fund assets from those companies.

AI Summary

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Douglas Steinhardt (R)*, 

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 03/30/2023)

Official Document