Bill Title: Amends the Public Funds Investment Act. Provides that when investing or depositing public funds, each public agency shall invest or deposit such funds with or in financial institutions that have a board of directors consisting of at least 20% persons of color. Provides that a financial institution that does not have a board of directors consisting of at least 20% persons of color may increase or modify its board membership. Provides that any public agency investing or depositing public funds shall divest any previously invested or deposited funds from any financial institution failing to meet specified requirements by January 1, 2021. Defines "persons of color". Makes conforming changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-11-10 - Referred to Rules Committee [HB5806 Detail]

Text: Latest bill text (Introduced) [HTML]

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