Bill > LB661

This bill modifies the duties and responsibilities of the Nebraska Investment Council, state investment officer, and State Treasurer, primarily focusing on investment restrictions related to certain Chinese entities. The bill introduces a comprehensive definition of "restricted entities" that includes various Chinese companies identified on multiple U.S. government lists, such as those related to national security, military-industrial complex, and human rights concerns. The Nebraska Investment Council and state investment officer are now prohibited from engaging in investment activities with these restricted entities for retirement system funds and are required to divest from any existing holdings in such entities as soon as practicable. The State Treasurer is tasked with creating and publishing a list of restricted entities by October 1, 2025, and updating it at least every six months. Additionally, the state investment officer must provide semiannual written reports to the Nebraska Retirement Systems Committee detailing any investments in restricted entities, including the company name, asset allocation class, and investment amount. These new provisions aim to prevent investments in entities potentially posing national security risks or involved in activities contrary to U.S. interests, with the first detailed reports due in January and July of 2026. The bill will become operative on July 1, 2025, and takes effect immediately upon passage.

Labor and Employment

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59611