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House Engrossed
certain affiliations; banks; prohibition |
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State of Arizona House of Representatives Fifty-fifth Legislature Second Regular Session 2022
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HOUSE BILL 2656 |
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An Act
amending title 6, chapter 2, article 1, Arizona Revised Statutes, by adding section 6-194; amending title 35, chapter 2, article 2, Arizona Revised Statutes, by adding section 35-320; relating to banks and financial institutions.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 6, chapter 2, article 1, Arizona Revised Statutes, is amended by adding section 6-194, to read:
6-194. Certain affiliations; discrimination prohibited; statewide concern
A. a Financial institution doing business in this state, either directly or through a contractor, may not discriminate against any person based on either:
1. a Political affiliation.
2. other social credit, environmental, social, governance or similar values-based or impact criteria.
B. Notwithstanding any other law, a financial institution may offer investments, products or services to a potential customer or investor that include subjective standards if the standards are fully disclosed and explained to the potential customer or investor before entering into a contract for the investments, product or services.
C. This section does not interfere with a financial institution's ability to discontinue or refuse to conduct business with a person when the action is necessary for the physical safety of the financial institution's employees.
D. The legislature declares that the practice of discrimination against persons or entities in this state by using their social credit or ENVIRONMENTAL, social justice and GOVERNMENTAL score is a matter of statewide CONCERN, that discrimination based on such scores not only threatens the rights and proper privileges of this state's INHABITANTS but menaces the institutions and foundation of a free democratic state and THREATENS the peace, order, health, safety and general welfare of this state and its inhabitants.
Sec. 2. Title 35, chapter 2, article 2, Arizona Revised Statutes, is amended by adding section 35-320, to read:
35-320. State investments; investment managers; list; posting; voting shares
A. The state treasurer shall post a current list of state investments by name on the state treasurer's pUBLICLY accessible website. The state treasurer shall update Any changes to the list within a reasonable time.
B. Any investment manager shall attest in writing on a form prescribed by the state treasurer that the investment manager does not hold any environmental, social or governance-related investments. The state treasurer shall post a current list of investment managers of state investments and shall certify that the investment managers do not hold investments in ENVIRONMENTAL, social or governance-related products. The state treasurer shall post the current list of investment managers on the state treasurer's publicly accessible website and shall update any changes to the list within a reasonable time.
C. All state investments shall be made in the sole interest of the beneficiary taxpayer. The state treasurer's evaluation of an investment must be based on pecuniary factors, and The state treasurer may not take UNNECESSARY investment risks or promote nonpecuniary benefits or other nonPECUNIARY social goals.
D. Unless employed by and specifically authorized by the state TREASURER, a person or entity may not vote the shares, or other indicia of ownership, of any company, partnership, limited liability company or other entity purchased, directly or indirectly, with funds from a plan or group of plans.