The bill introduces a new section to chapter 43.33A RCW that prohibits the Washington State Investment Board from investing in private detention facilities. Specifically, starting from the effective date of the bill, the board is barred from making new investments in any entity that owns, operates, leases, or invests in such facilities. Furthermore, by January 1, 2030, the board must ensure that all funds under its management are divested from any entities associated with private detention facilities, including any funds that contain such entities.

The bill outlines that the divestment process should be conducted in a manner that avoids monetary loss to the funds, emphasizing the need for reasonable and prudent investments that yield comparable returns. It also defines key terms, including "detention facility," "entity," and "private detention facility," to clarify the scope of the legislation. This move reflects a growing trend towards ethical investment practices and a commitment to social responsibility in state-managed funds.