| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to oversight by the comptroller of financial institution |
|
|
divestments from certain industries. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter B, Chapter 403, Government Code, is |
|
|
amended by adding Section 403.0302 to read as follows: |
|
|
Sec. 403.0302. OVERSIGHT OF DIVESTMENTS IN CERTAIN |
|
|
INDUSTRIES. (a) The comptroller shall require a financial |
|
|
institution that operates a mutual fund to periodically submit a |
|
|
statement to the comptroller stating whether the financial |
|
|
institution has divested or intends to divest from the mutual fund |
|
|
investments in a company that engages in the exploration, |
|
|
production, utilization, transportation, sale, or manufacturing of |
|
|
fossil fuel-based energy. |
|
|
(b) The comptroller shall adopt rules to: |
|
|
(1) prescribe the requirements for a financial |
|
|
institution to comply with the requirements of Subsection (a); |
|
|
(2) require a financial institution that chooses to |
|
|
divest from investments described by Subsection (a) to place a mark |
|
|
prescribed by the comptroller on prospectus documents that |
|
|
signifies the institution's choice to divest; and |
|
|
(3) provide a penalty for financial institutions that |
|
|
fail to submit a statement required under Subsection (a). |
|
|
SECTION 2. The comptroller shall adopt rules as required by |
|
|
Section 403.0302, Government Code, as added by this Act, not later |
|
|
than January 1, 2024. |
|
|
SECTION 3. This Act takes effect September 1, 2023. |