HB 359 Summary

• State Board of Administration must divest from and is prohibited from investing in institutions or companies doing business with the Venezuelan government or its agencies in violation of federal law.

• Defines "government of Venezuela" to include the Venezuelan government, its agencies, instrumentalities, and any company majority-owned or controlled by the Venezuelan government.

• State Board of Administration prohibited from voting in favor of proxy resolutions advocating expanded U.S. trade with Venezuela, Cuba, or Syria, with reporting required in annual proxy voting reports.

• All state agencies prohibited from investing in financial institutions or companies that extend credit, advance funds, or purchase goods or services from the Venezuelan government in violation of federal law.

• Governor may waive investment prohibitions if the Venezuelan regime collapses and immediate aid is needed before the Legislature convenes or for other humanitarian reasons; effective date is July 1, 2018.