HB2984 Summary

• State Treasurer prohibited from investing state money in Chinese Communist Party sovereign debt, Chinese Communist Party-backed securities, entities domiciled in People's Republic of China, or companies subject to Chinese Military-Industrial Complex Companies Sanctions.

• Public agencies prohibited from investing public funds in the same Chinese investment instruments and financial institutions as specified for the State Treasurer.

• State contract bidders required to disclose within 24 months prior to bid submission whether they or their subsidiaries had business operations involving contracts with or provision of supplies/services to the Chinese Communist Party or related entities.

• Illinois Investment Policy Board directed to identify companies domiciled in People's Republic of China or subject to Chinese Military-Industrial Complex Companies Sanctions within 6 months of effective date and add them to restricted companies list.

• Retirement systems required to divest direct holdings in restricted Chinese companies within 12 months of company appearing on restricted list and prohibited from acquiring new securities in those companies.

• Higher education institutions must disclose donations from sources in People's Republic of China on the Illinois Investment Policy Board's restricted companies list to the Board of Higher Education.