Bill
H 3421
South Carolina would prohibit the Retirement Investment Commission from investing public employee retirement funds in any company tied to the PRC or CCP.
Note: The materials provided appear to contain two different legislative texts combined into one file: (A) a Massachusetts House resolve (House Docket No. 1028 / H.3421) to create a commemorative portrait and scholarship in honor of former State Representative Doris Bunte; and (B) a South Carolina statutory bill (adding S.C. Code § 9-16-57) that would bar a state retirement investment commission from investing public employee retirement funds in certain companies tied to the People’s Republic of China or the Chinese Communist Party. Both are summarized below. Please confirm which measure you want summarized if you intended only one.
Purpose
- To authorize installation of a commemorative portrait of State Representative Doris Bunte in the Massachusetts State House and to provide annual funding for a scholarship in her name.
Key provisions
- Directs the superintendent of the Bureau of the State House, subject to approval by the Art Commission as to size and content, to install and maintain a portrait of Doris Bunte in a suitable space in the State House.
- Requires the Art Commission, in determining location, to consult with the House Committee on Rules and the Massachusetts Black & Latino Legislative Caucus; the portrait is to be officially installed in the State House.
- Provides that $250,000 be administered annually to the Representative Doris Bunte scholarship fund, which will be managed and disbursed by the Massachusetts Black & Latino Legislative Caucus.
Who is affected
- The State House (physical space and art collection), the Massachusetts Black & Latino Legislative Caucus (responsible for scholarship administration), scholarship recipients, and state fiscal accounts (if the $250,000 annual funding requires appropriation).
Procedural status / timeline (from provided actions)
- Prefiled: 2024-12-05
- Introduced/read first time and referred to committee: 2025-01-14
- Referred to State Administration and Regulatory Oversight: 2025-02-27
- Hearing scheduled: 2025-06-04
- Reported favorably and referred to House Ways and Means: 2025-08-18
Notes/impact
- The resolve specifies an annual $250,000 payment to the scholarship fund but does not identify the funding source; implementation could require appropriation or other fiscal authorization and create an ongoing fiscal obligation.
Purpose
- To prohibit the South Carolina Retirement Investment Commission from investing public employee retirement funds in companies owned, controlled by, or principally based in the People’s Republic of China (PRC) or associated with the Chinese Communist Party (CCP).
Key provisions
- Prohibits investment “in any manner” in obligations of any company or development that:
1. Is owned/controlled by or is a subsidiary of a company owned, in whole or in part, by the PRC or the CCP; or
2. Has its principal place of business located within the People’s Republic of China.
- Defines key terms: “Chinese Communist Party,” “company or development,” and “People’s Republic of China” (including agencies/instrumentalities and political subdivisions).
- Effective upon gubernatorial approval.
Who is affected
- South Carolina Retirement Investment Commission, public employee retirement systems, beneficiaries of those systems, and any companies with ties to the PRC/CCP that are currently held in portfolios or considered for future investment.
Potential impacts
- May require divestment from certain existing holdings and restrict future investment options.
- Could have fiduciary, legal, and financial implications (transaction costs, changes in portfolio composition, potential impact on returns).
- Administrative burden to identify and monitor covered companies and enforce compliance.
If you want a deeper fiscal analysis, legal implications, or a focused summary of only one of these measures, tell me which one and I will expand accordingly.
Compiled from official sources — confirm details with the bill’s official record.
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