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Bill to limit direct China holdings in legacy fund draws technical questions from investment office
Summary
Representative Bernie Satrim (R‑District 12) introduced House Bill 13‑30, asking the committee to require divestment of direct state holdings in companies domiciled in China and to add limited authority for in‑state legacy fund investments.
Representative Bernie Satrim (R‑District 12) introduced House Bill 13‑30 to the Government Operations Division committee, saying the measure would require divestment of direct state holdings in companies domiciled in China and encourage additional in‑state investment from the Legacy Fund.
Nut graf: The Retirement and Investment Office (RIO) staff told lawmakers the bill, as drafted, focuses on direct public securities with limited market exposure but raises practical issues about commingled funds, legal prudence and how the State Investment Board (SIB) would implement divestment without unduly reducing expected portfolio returns.
Satrim opened by describing past efforts to avoid investments he said could support human rights abuses or foreign adversaries. “We were invested in [companies] that spied on the religious activity of the Uyghur people,” Representative Bernie Satrim said. He framed the bill as “a pathway to…
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