H5054: Investment Prohibitions in Russia

Legislative Summary

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; By Adding Section 13-1-55 So As To Prohibit The Department Of Commerce From Offering Or Awarding Incentives To Certain Companies Owned Or Controlled By Russia, And To Prohibit Any Company Receiving An Incentive From Contracting With Such Prohibited Companies; 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.