TX HB4900

Defines "countries of concern" as China, Iran, North Korea, and Russia, with authority for the governor to designate additional countries after consulting with the Department of Public Safety director and Homeland Security Council

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

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

Classifies companies as "scrutinized companies" subject to divestment if they are organized under the laws of, headquartered in, controlled by, or majority-owned by a country of concern or its citizens

Requires the comptroller to maintain a categorized list of scrutinized companies by January 1, 2026, and mandates investing entities to notify listed companies and divest within 90 days if companies do not change their organizational or ownership structure