TITLE 67

STATE GOVERNMENT AND STATE AFFAIRS

CHAPTER 12

STATE TREASURER

67-1210C.  report of certain investments. (1)  It is the intent of the legislature that the state of Idaho’s public investment dollars are not put at risk in countries of concern and do not fund the development of the military technologies and surveillance tools of foreign adversaries that impede the furthering of the state of Idaho’s interests and the interests of the United States.

(2)  The state treasurer shall compile and prepare a report of the total dollar amount of state moneys in state-managed funds that are invested in any foreign adversary, state-owned enterprise of a foreign adversary, company domiciled within a foreign adversary, or company owned or controlled by a foreign adversary, state-owned enterprise of a foreign adversary, company domiciled within a foreign adversary, or other entity within a foreign adversary, as of June 30, 2024.

(3)  In preparing the report, the state treasurer shall include not only the state investment funds managed by the state treasurer but also any state investment funds managed by any other state entity, including but not limited to the Idaho bond bank authority, the endowment fund investment board, the municipal bond bank authority, the Idaho housing and finance association, and the public employee retirement system of Idaho retirement board. All such entities shall cooperate with the state treasurer in providing the dollar amounts requested by the state treasurer no later than January 10, 2025.

(4)  The state treasurer shall submit the report to the governor, the president pro tempore of the senate, the speaker of the house of representatives, and the director of the legislative services office on or before January 31, 2025.

(5)  For the purposes of this section:

(a)  "Company" means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including wholly owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of those entities or business associations, that exist for the purpose of making profit.

(b)  "Domicile" means the country in which a company is registered, where the company’s affairs are primarily completed, or where the majority of ownership share is held.

(c)  "Foreign adversary" means the People’s Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolás Maduro, or the Syrian Arab Republic, or any other entity deemed by the governor in consultation with the adjutant general. The governor and adjutant general may also seek the advice of the United States secretary of state, United States secretary of defense, or the United States secretary of homeland security.

(d)  "Investment" means any transfer of funds in any active or passive, direct or indirect structure that seeks to generate revenue or accomplish any other gain, including nonmonetary gain.

(e)  "Official government capacity" means any role, elected or appointed, in a government or its subsidiaries.

(f)  "State-managed fund" means any short-term or long-term investment structure that is state-managed, state-run, state-controlled, or otherwise overseen by the state of Idaho, a state agency, state bond bank authority, or any other state entity established by law, in which the state has primary discretion over or a vested interest in. The term includes but is not limited to any fund that is subject to the purview or direction of the state of Idaho and is populated wholly or in part with state funds, but is managed by a third-party entity, such as a fiduciary. Such funds include, but are not limited to:

(i)   Public pension funds, public retirement funds, or other state-sponsored funds that are sponsored, maintained, or contributed to or required to be contributed to by the state of Idaho;

(ii)  Endowment funds; and

(iii) University or college endowments, trusts, or other structures that constitute, wholly or in part, a public institution of higher education’s investable assets.

(g)  "State-owned enterprise" means any company owned or controlled, in whole or in part, by a government or by individuals acting in official government capacities in any form.

History:

[67-1210C, added 2024, ch. 198, sec. 1, p. 704.]