2022 -- H 7482 | |
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LC003223 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2022 | |
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A N A C T | |
RELATING TO PUBLIC FINANCE - IDENTIFICATION OF STATE PENSION FUNDS | |
WITH MILITARY CONTRACTORS | |
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Introduced By: Representatives Morales, Henries, Potter, Batista, McGaw, Giraldo, | |
Date Introduced: February 16, 2022 | |
Referred To: House Finance | |
(General Treasurer) | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Title 35 of the General Laws entitled "PUBLIC FINANCE" is hereby |
2 | amended by adding thereto the following chapter: |
3 | CHAPTER 10.4 |
4 | IDENTIFICATION OF STATE PENSION FUNDS WITH MILITARY CONTRACTORS |
5 | 35-10.4-1. Short title. |
6 | This chapter shall be known and may be cited as the "Identification of State Pension Funds |
7 | with Military Contractors Act". |
8 | 35-10.4-2. Definitions. |
9 | As used in this chapter, the following words and terms shall have the following meanings |
10 | unless the context shall clearly indicate another or different meaning or intent: |
11 | (1) "Commission" means the state investment commission that oversees the assets of the |
12 | employees' retirement system of Rhode Island pursuant to chapter 10 of title 35. |
13 | (2) "Company" means a sole proprietorship, organization, association, corporation, |
14 | partnership, joint venture, limited partnership, limited liability partnership, limited liability |
15 | company or other entity or business association, including all wholly-owned subsidiaries, majority- |
16 | owned subsidiaries, parent companies or affiliates of such entities or business associations that exist |
17 | for profit-making purposes. |
18 | (3) "Direct holdings" means all securities of a company held directly by the public fund or |
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1 | in an account or fund in which the public fund owns all shares or interests. |
2 | (4) "Indirect holdings" means all securities of a company held in an account or fund, such |
3 | as a mutual fund or hedge fund managed by one or more person not employed by the public fund, |
4 | in which the public fund owns shares or interests together with other investors not subject to this |
5 | chapter. |
6 | (5) "Military contractors" or "military weapon manufacturers" means arms producing |
7 | companies, defense contractors or military industries that primarily produce, maintain and store |
8 | weapons for the armed forces of nation states or non-state entities. Products include guns, |
9 | ammunition, missiles, military aircraft, military vehicles, and military ships. |
10 | (6) "Pension fund" means the pooled investment fund consisting of the assets of the state |
11 | employees' and teachers' retirement systems, as well as the assets of local retirement systems under |
12 | the control of the state. |
13 | 35-10.4-3. Identification of military weapon manufacturers. |
14 | Within six (6) months of enactment of this chapter, the commission shall identify all |
15 | military weapon manufacturers where the pension fund owns direct or indirect holdings and shall |
16 | file a list of any such holdings with the office of attorney general, the house of representatives and |
17 | the senate. |
18 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO PUBLIC FINANCE - IDENTIFICATION OF STATE PENSION FUNDS | |
WITH MILITARY CONTRACTORS | |
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1 | This act would require the state investment commission to identify pension fund |
2 | investments in military weapon manufacturers whether held directly and indirectly. |
3 | This act would take effect upon passage. |
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