PRINTER'S NO. 1714
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1283
Session of
2015
INTRODUCED BY COHEN, FRANKEL, BROWNLEE, M. DALEY, DeLUCA,
FREEMAN, KINSEY, McCARTER, O'BRIEN, RAVENSTAHL, ROEBUCK,
ROZZI, SCHLOSSBERG, SIMS, STURLA, THOMAS AND YOUNGBLOOD,
JUNE 5, 2015
REFERRED TO COMMITTEE ON STATE GOVERNMENT, JUNE 5, 2015
AN ACT
Amending Title 72 (Taxation and Fiscal Affairs) of the
Pennsylvania Consolidated Statutes, prohibiting investments
in state sponsors of criminalized sexual orientation or
gender identity.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Title 72 of the Pennsylvania Consolidated
Statutes is amended by adding a part to read:
PART III
FISCAL AFFAIRS
Chapter
71. Prohibited Investments
CHAPTER 71
PROHIBITED INVESTMENTS
Sec.
7101. Definitions.
7102. Criminalized sexual orientation or gender identity .
§ 7101. Definitions.
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The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Entity." A corporation, partnership, limited liability
company, business trust, other association, government entity,
other than the United States of America and the states that
comprise it, estate, trust, foundation or natural person.
"Public fund." A Commonwealth fund, including the State
Employees' Retirement Fund and the Public School Employees'
Retirement Fund. The term includes the State entity responsible
for administering the fund.
"State sponsor of criminalized sexual orientation or gender
identity." The term includes a country identified or designated
by the Department of State as having sponsored or repeatedly
provided support for criminalized sexual orientation or gender
identity.
§ 7102. Criminalized sexual orientation or gender identity .
(a) Prohibited investments.--Beginning 60 days after the
effective date of this section, a public fund may not invest in
the stocks, securities or other obligations of an entity engaged
in business with a state sponsor of criminalized sexual
orientation or gender identity. If the public fund becomes aware
that it has invested in violation of this subsection, the public
fund shall immediately move to divest itself of the investment
in a prudent manner.
(b) Humanitarian aid exception.--A public fund shall permit
investments in an entity:
(1) that engages in the provision of goods and services
that relieve human suffering or promote health or religious,
spiritual, educational, humanitarian or journalistic
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activities; or
(2) that conducts commercial transactions in any country
identified as a state sponsor of criminalized sexual
orientation or gender identity pursuant to a permit or
license issued by the United States Government or the United
Nations and is exempt from divestment and exclusion.
(c) Portfolio review.--Within 90 days of the effective date
of this section and at least annually thereafter, the public
fund shall complete a comprehensive review of the public fund's
investments to determine compliance with subsection (a). The
public fund shall provide the General Assembly with a copy of
the comprehensive review annually. If the public fund becomes
aware that is has invested in violation of this section, the
public fund shall immediately move to divest itself of the
investment in a prudent manner.
(d) Investment manager.--Each existing and future investment
manager retained by a public fund on or after the effective date
of this section who invests in the name of the public fund shall
be notified by the public fund of the obligation to conduct the
investment activities on behalf of the public fund in a manner
designed to comply with subsection (a).
(e) Department of State.--The Department of State shall,
within 30 days of the effective date of this section and
annually thereafter, compile a list of state sponsors of
criminalized sexual orientation or gender identity, which shall
be published in the Pennsylvania Bulletin.
Section 2. This act shall take effect in 60 days.
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