South Carolina H 4843: Investment, state funds

Bill Text

South Carolina General Assembly

124th Session, 2021-2022



H. 4843



STATUS INFORMATION



General Bill

Sponsors: Reps. Haddon, Long, Magnuson, Burns, Oremus, Jones, Trantham, Gilliam, Davis, Forrest, Gagnon and McCabe

Document Path: l:\council\bills\nbd\11295dg22.docx

Companion/Similar bill(s): 4881



Introduced in the House on January 20, 2022

Currently residing in the House Committee on Ways and Means



Summary: Investment, state funds





HISTORY OF LEGISLATIVE ACTIONS



	Date	Body	Action Description with journal page number	

	1/20/2022	House	Introduced and read first time (House Journal‑page 34)

	1/20/2022	House	Referred to Committee on Ways and Means (House Journal‑page 34)

	1/27/2022	House	Member(s) request name added as sponsor: Gilliam, Davis, Forrest, Gagnon, McCabe



View the latest legislative information at the website





VERSIONS OF THIS BILL



1/20/2022





















A BILL



TO AMEND SECTION 11‑9‑660, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INVESTMENT OF STATE FUNDS, SO AS TO PROHIBIT THE STATE TREASURER FROM INVESTING IN CERTAIN COMPANIES OWNED OR CONTROLLED BY THE PEOPLE’S REPUBLIC OF CHINA OR THE CHINESE COMMUNIST PARTY OR WHOSE PRINCIPAL PLACE OF BUSINESS IS LOCATED WITHIN THE PEOPLE’S REPUBLIC OF CHINA.



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



SECTION	1.	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 the People’s Republic of China or the Chinese Communist Party; or

			(b)	whose principal place of business is located within the People’s Republic of China. 

		(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)	‘Chinese Communist Party’ includes all agencies, institutions, and instrumentalities of the Chinese Communist Party;

			(b)	‘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;

			(c)	People’s Republic of China’ includes all agencies, institutions, instrumentalities, and political subdivisions of the People’s Republic of China.”



SECTION	2.	This act takes effect upon approval by the Governor.

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