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Legislative Year: 2023 Change
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Bill Detail: HB23-1092

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Title Limitating Use Of State Money
Status Introduced In House - Assigned to Finance (01/19/2023)
Bill Subjects
  • State Government
House Sponsors R. Bockenfeld (R)
Senate Sponsors
House Committee Finance
Senate Committee
Date Introduced 01/19/2023
Summary

The bill prohibits state money from being used to further certain
social, political, or ideological interests beyond what controlling state and
federal law require. Sections 1 to 3 of the bill apply this prohibition to the
public employees' retirement association (PERA) by requiring PERA to
make investments solely on financial factors and prohibiting PERA from
investing in an entity with a stated purpose to further certain social,
political, or ideological interests beyond what federal and state law
require (nonfinancial commitment). Section 1 also:
  • Requires that PERA ensure that a designated agent
commits to following guidelines that match PERA's
obligation to act solely on financial factors prior to PERA
entrusting member funds to the designated agent;
  • Requires that a designated agent ensure that a proxy
advisor or other service provider has committed to
following guidelines that match PERA's obligation to act
solely on financial factors prior to the designated agent
following a recommendation of the proxy advisor or
service provider; and
  • Gives the attorney general the authority to enforce these
investment requirements.
Section 2 requires PERA to invest solely in the financial interest
of PERA members and beneficiaries. Section 3 clarifies that the fiduciary
duties of PERA's board of trustees include the obligation to act in the
financial interest of PERA members and benefit recipients.
Section 4 requires a government contract to include a verification
that a company entering into a government contract does not, and will not
during the term of the contract, engage in an economic boycott of another
company to further certain social, political, or ideological interests.
Section 4 prohibits a person from penalizing a financial institution for
complying with the non-economic boycott verification requirement.
Section 4 also gives the attorney general the authority to enforce the
newly created article.
Section 5 requires the state treasurer to make investments solely
on financial factors, prohibits the state treasurer from investing in entities
with a stated nonfinancial commitment, and gives the attorney general
authority to enforce these investment requirements.
Sections 6 to 10 make conforming amendments.

Committee Reports
with Amendments
None
Full Text
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Fiscal Notes Fiscal Notes (01/26/2023) (most recent)  
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