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Committee Hears Bill to Bar State Funds from Investing in Companies Tied to China, Russia, Iran, North Korea
Summary
Senators on the Committee on State Affairs heard testimony on House Bill 34, which would prohibit state investment entities from investing in companies based in, owned by or controlled by China, Iran, North Korea or Russia.
Senators on the Committee on State Affairs heard testimony on House Bill 34, which would prohibit state investment entities from investing in companies based in, owned by or controlled by China, Iran, North Korea or Russia and would allow the governor to add other countries of concern.
Senator Hughes, speaking for the bill’s sponsor, said the proposal aims to protect state pensioners and national security. “The Texas permanent school fund lost $250,000,000 when Russia invaded Ukraine,” Hughes said, and HB 34 would prevent similar exposure to adversary states. He told the committee the bill would allow…
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