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Bill to limit state investments in jurisdictions without PCAOB oversight draws opposition from board
Business, Labor, and Economic Affairs · March 3, 2025
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Summary
Sen. Ken Bogner’s SB 459 would direct divestment from securities listed in jurisdictions where the PCAOB cannot conduct oversight. The Board of Investments testified in opposition, arguing the measure could conflict with constitutional fiduciary duties and impose large portfolio and administrative costs.
Senator Ken Bogner described Senate Bill 459 as an effort to ensure state trust funds are invested in securities subject to independent audit oversight.
"Public dollars… should be invested prudently," Bogner said, and the draft requires divestment where the…
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