Bill > SB507

This bill, effective January 1, 2027, prohibits the Virginia Retirement System (VRS) and local retirement systems from investing in companies where a federal elected official holds a majority ownership interest, or in investment funds that include such companies in their portfolios, unless that interest is held in a qualified blind trust established according to federal law. A "covered company" is defined as a company where a "covered official" (an elected federal official from Virginia or the U.S.) has a majority ownership and control. The bill also requires annual reviews of any unintentional or erroneous investments in these restricted companies and mandates divestment as soon as practicable, with reports to the General Assembly detailing any discoveries and divestments. Investments made before January 1, 2027, are exempt from divestment requirements but must be reported. The bill also allows for de minimis exposure to such companies.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/SB507