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SB 1302 - This act creates the Foreign Adversary Divestment Act of 2024. The act prohibits state-managed funds, as defined in the act, from: · Holding investments in any foreign adversary, state-owned enterprise of a foreign adversary, company domiciled within a foreign adversary, or company owned or controlled by a foreign adversary, state-owned enterprise of a foreign adversary, company domiciled within a foreign adversary; or · Investing or depositing public funds in any bank that is domiciled or has its principal place of business in a foreign adversary. Beginning August 28, 2024, a state-managed fund shall immediately in good faith begin divestment of any holdings prohibited by this act, with total divestment achieved no later than August 28, 2026. Nothing in this act shall be construed to require the impairment of the obligation of any contract entered into prior to August 28, 2024. SCOTT SVAGERA
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