S.F. No. 3928 Summary

• State board must divest all direct holdings of securities issued by companies with principal place of business in Russia or Belarus, Russian/Belarusian government securities, and related derivatives within 15 months (at least 50% within 9 months).

• State board prohibited from acquiring new securities subject to divestment requirements and must request investment fund managers to remove Russia/Belarus assets or create similar funds without those assets.

• State board must submit annual reports by January 15 listing divested investments, prohibited new investments, and progress on fund manager requests.

• All state agencies must review existing contracts, promptly terminate contracts with Russian or Belarusian entities as practicable, and refrain from new contracts with these entities unless no suitable alternative exists.

• Divestment requirements include exemptions for companies providing humanitarian relief, health/education/journalistic services, and U.S. companies federally authorized to operate in Russia/Belarus; section expires if U.S. President certifies it interferes with foreign policy.