Bill > H3421

This bill amends South Carolina law to prohibit the Retirement Investment Commission from investing public employee retirement funds in companies with connections to the People's Republic of China or the Chinese Communist Party. Specifically, the bill bars investments in companies that are owned or controlled by entities owned (in whole or in part) by China or the Chinese Communist Party, or in companies whose principal place of business is located in China. The legislation provides broad definitions of key terms, including defining "company" or "development" as any entity existing for profit-making purposes, and explicitly stating that "Chinese Communist Party" encompasses all of its agencies, institutions, and instrumentalities. Similarly, "People's Republic of China" is defined to include all of its political subdivisions and related agencies. The purpose of the bill appears to be limiting potential economic support for Chinese entities through South Carolina's public employee retirement investments. The act would take effect immediately upon receiving the Governor's approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3421&session=126&summary=B