Bill Text: SC S1111 | 2021-2022 | 124th General Assembly | Introduced

South Carolina Senate Bill 1111 (Prior Session Legislation)

Introduced

Bill Title: Investment Prohibitions in Russia

Spectrum: Slight Partisan Bill (Republican 5-2)

Status: (Introduced - Dead) 2022-03-01 - Referred to Committee on Finance [S1111 Detail]

Download: South_Carolina-2021-S1111-Introduced.html

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 9-16-57 SO AS TO PROVIDE THAT THE RETIREMENT INVESTMENT COMMISSION MAY NOT INVEST PUBLIC EMPLOYEE RETIREMENT FUNDS IN CERTAIN COMPANIES OWNED, IN WHOLE OR IN PART, BY RUSSIA; AND TO AMEND SECTION 11-9-660, RELATING TO THE INVESTMENT OF STATE FUNDS, SO AS TO PROHIBIT THE STATE TREASURER FROM INVESTING IN CERTAIN COMPANIES OWNED OR CONTROLLED BY RUSSIA OR WHOSE PRINCIPAL PLACE OF BUSINESS IS LOCATED WITHIN RUSSIA.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Article 1, Chapter 16, Title 9 of the 1976 Code is amended by adding:

"Section 9-16-57. (A) The commission may not invest public employee retirement funds, in any manner, in the obligations of any company or development:

(1) owned or controlled by a company that is owned, in whole or in part, by, or is a subsidiary of, a company that is owned by Russia; or

(2) whose principal place of business is located within Russia.

(B) For purposes of this section:

(1) 'Company' or 'development' means a sole proprietorship, organization, association, corporation, partnership, trust, venture, group, subgroup, or any other entity or organization, its subsidiary or affiliate that exists for profit-making purposes or to otherwise secure economic advantage.

(2) 'Russia' includes all agencies, institutions, instrumentalities, and political subdivisions of Russia."

SECTION 2. Section 11-9-660 of the 1976 Code is amended by adding an appropriately lettered subsection to read:

"( )(1) In addition to the other restrictions imposed pursuant to this section or in other laws restricting the investment of state funds, the State Treasurer shall not invest any state funds, in any manner, in the obligations of any company or development:

(a) owned or controlled by a company that is owned, in whole or in part, by, or is a subsidiary of, a company that is owned by Russia; or

(b) whose principal place of business is located within Russia.

(2) The prohibition set forth in item (1) also extends to the investment of any state funds by any state agency.

(3) For purposes of this subsection:

(a) 'company' or 'development' means a sole proprietorship, organization, association, corporation, partnership, trust, venture, group, subgroup, or any other entity or organization, its subsidiary or affiliate that exists for profit-making purposes or to otherwise secure economic advantage;

(b) 'Russia' includes all agencies, institutions, instrumentalities, and political subdivisions of Russia."

SECTION 3. This act takes effect upon approval by the Governor.