SPONSOR: Seitz
This bill establishes the "Foreign Adversary Divestment Act". All "State-managed funds", as defined in the bill, are prohibited from holding investments in any "foreign adversary", as defined in the bill, "State-owned enterprise" of a foreign adversary, company domiciled within a foreign adversary, or a company owned or controlled by any such entity.
State-managed funds are further prohibited from investing or depositing public funds in any bank domiciled or principally located within a foreign adversary.
Any state-managed fund in violation of this bill is required to immediately begin divestment of any public holdings, to be fully divested within two years of the effective date of the bill.
Within six months after the effective date of this bill, the State Treasurer must identify companies subject to these restrictions and distribute a list of these restricted companies to each state- managed fund. Methods of gathering this information are specified in the bill.
This bill is similar to HB 2143 (2024).
Statutes affected: