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FL S7060
Bill
Status
Introduced
2/7/2024
Primary Sponsor
Governmental Oversight and Accountability
Click for details
AI Summary
- Prohibits the Florida State Board of Administration from acquiring direct holdings in Chinese companies on behalf of the Florida Retirement System Trust Fund
- Defines "Chinese company" as any company publicly known to be majority-owned (50.1% or more) by the People's Republic of China, the Chinese Communist Party, the Chinese military, or any instrumentality thereof
- Requires the board to initiate a review of all current direct holdings by June 1, 2024, develop a divestment plan by September 1, 2024, and complete divestment by September 1, 2025, with a possible extension if needed to meet fiduciary standards
- Excludes indirect holdings in actively managed investment funds (such as private equity funds) and exchange-traded funds from the divestment requirement
- Requires all actions and good faith determinations made under this section to be adopted and incorporated into the board's investment policy statement
Legislative Description
Foreign Investments by the State Board of Administration
Last Action
Laid on Table, refer to HB 7071
3/4/2024
Full Bill Text
No bill text available