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Committee reviews bill to bar state investments in companies tied to China, Russia, Iran and North Korea
Summary
Senators heard testimony for House Bill 34 to prohibit state investment entities from investing in companies based in, owned by, or controlled by China, Iran, North Korea or Russia and to give the governor authority to add other countries of concern; witnesses framed the measure as protecting pensions and national security.
Senator Hughes explained that House Bill 34 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, in consultation with law‑enforcement and homeland security officials, to designate additional countries of concern.
Hughes said the bill would also prohibit state deposits in banks headquartered in countries of concern and permit state investment entities to delay divestment if immediate action would…
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