South Carolina General Assembly
124th Session, 2021-2022

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

H. 4844

STATUS INFORMATION

General Bill
Sponsors: Reps. Haddon, Chumley, Long, Burns, Magnuson, Oremus, Jones, Trantham, Gilliam, Davis, Forrest, Gagnon and McCabe
Document Path: l:\council\bills\nbd\11298sa22.docx

Introduced in the House on January 20, 2022
Currently residing in the House Committee on Ways and Means

Summary: Public employee retirement fund investments

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

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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 THE PEOPLE'S REPUBLIC OF CHINA OR THE CHINESE COMMUNIST PARTY.

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 the People's Republic of China or the Chinese Communist Party; or

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

    (B)    For purposes of this section:

        (1)    'Chinese Communist Party' includes all agencies, institutions, and instrumentalities of the Chinese Communist Party.

        (2)    '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.

        (3)    'Peoples' 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.

----XX----


This web page was last updated on January 27, 2022 at 12:00 PM