TX HB34

Designates China, Iran, North Korea, and Russia as "countries of concern" and grants the governor authority to add additional countries to this list after consulting with the Department of Public Safety director and Homeland Security Council

Prohibits Texas state investing entities from acquiring securities issued by countries of concern or entities owned, controlled by, or subject to the jurisdiction of those countries

Bans state investments or deposits in banks with principal places of business located in countries of concern

Defines "scrutinized companies" to include those organized, headquartered, or principally located in countries of concern, controlled by such countries' governments or militaries, or majority-owned by citizens of those countries

Requires the comptroller to maintain a list of scrutinized companies by January 1, 2026, with companies given 90 days notice to change their structure before facing mandatory divestment; takes effect September 1, 2025