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WV HB2593

Bill

Status

Introduced

2/18/2025

Primary Sponsor

Pat McGeehan

Click for details

Origin

House of Delegates

2025 Regular Session

AI Summary

  • Prohibits West Virginia public entities from entering contracts with companies that have financial ties to designated foreign entities, requiring written certification and documentation of ownership structures tracing to individual natural persons

  • Designates specific countries as "foreign entities with antithetical values": state sponsors of terrorism (Saudi Arabia, Iran) and communist-aligned states (China, North Korea, Laos, Cuba, Vietnam)

  • Restricts the West Virginia Economic Development Authority from exercising its authorities for any projects involving companies unable to certify they provide no financial benefit to the designated foreign entities

  • Exempts publicly traded companies incorporated in the United States and regulated by the SEC from these restrictions

  • Declares any contracts or actions violating these requirements void as against public policy and authorizes the Purchasing Division and Economic Development Authority to promulgate emergency rules for implementation

Legislative Description

Relating to the limitations on the financial relationships with foreign entities that have values antithetical to those of the State of West Virginia

Finance and Administration

Last Action

To House Government Organization

2/18/2025

Committee Referrals

Government Organization2/18/2025

Full Bill Text

No bill text available