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House adopts amendments to HB 80 aimed at narrowing fiduciary language on state investments
Summary
Members amended HB 80 ("Stop ESG, state funds judiciary duty act") to narrow language about fiduciary duties and to require contract clauses for investment managers; two amendments were adopted after debate.
House Bill 80, sponsored by Representative Knapp and described in debate as aimed at investment policies for state funds, drew committee and floor amendments focused on narrowing the bill's reach. Representative Lawley moved an amendment (second‑reading amendment 1) that deleted potentially broad sanction language and instead required contracts between investment entities and fiduciaries investing state funds to include a clause that the fiduciary is aware of and will follow the bill's requirements. Knapp and others described the change as a compromise to reduce burdens on fund managers.
Representative Knapp later moved second‑reading amendment 3 to strike the phrase "but not limited to" in a section defining fiduciary purposes, a change supporters said would focus the statute on the listed criteria. Multiple members supported both amendments as tightening the bill's scope. The House adopted second‑reading amendment 1 and also approved second‑reading amendment 3. After adoption of those amendments the bill was ordered read a third time.
