Honorable Bryan Hughes, Chair, Senate Committee on State Affairs
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
SB1817 by Bettencourt (relating to investments in certain companies doing business in the Russian Federation.), Committee Report 1st House, Substituted
There could be an indeterminant decrease to state investment income due to the state's divestment in publicly traded securities of listed scrutinized companies.
The bill would amend Chapter 2270, Government Code, by expanding the list in the definition of "scrutinized business" to include businesses that engage in certain business operations in the Russian Federation. This would require state investing entities, with certain exceptions, to divest all publicly traded securities of listed scrutinized companies, which could decrease state investment income. The amount of the decrease, if any, cannot be determined.
The OAG anticipates any legal work resulting from the passage of this bill could be reasonably absorbed with current resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
302 Office of the Attorney General, 304 Comptroller of Public Accounts