HCS HB 2357 -- PUBLIC RETIREMENT PLAN INVESTMENTS IN FOREIGN
COMPANIES

SPONSOR:  Day (Smith, 150)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Veterans
by a vote of 11 to 0.

This substitute requires any asset manager who invests in
international equities of publicly-traded foreign companies on
behalf of any retirement system established by the State of
Missouri or any political subdivision to attest semiannually in a
written statement to the respective retirement board that the
manager does not hold on behalf of the plan the stock of any
foreign company that, according to a reputable independent
research provider specializing in global security risk
assessment, has active business ties to any country designated by
the United States Department of State as a state sponsor of
terrorism that is nonhumanitarian in nature.

The provisions of the substitute will expire with respect to each
individual country if the President of the United States
affirmatively and unambiguously states by means of, but not
limited to, enacted legislation, executive order, or written
certification that the United States Department of State no
longer recognizes the country as a state sponsor of terrorism.

FISCAL NOTE:  No impact on state funds in FY 2011, FY 2012, and
FY 2013.

PROPONENTS:  Supporters say that the bill prohibits our
retirement investments from supporting terrorism.  No one wants
his or her retirement funds to be used by a foreign government
which is unfriendly to the United States.

Testifying for the bill were Representative Smith (150); and
Missouri Veterans Commission.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:13 pm