AUSTIN (WBAP/KLIF News ) – Thirty Texas senators have followed through with their commitment last year to work on divesting state entities with Russia federation investments.
Lawmakers said the state had about $100 million dollars in Russian investments and that figure has been widdled down by State Comptroller Glen Hegar.
According to a May 2022 report by the Comptroller’s Office, the total Russia Federation exposure across all Trust pools of capital is at 0% direct and 0.001% indirect.
Republican Senator Paul Bettencourt (R-Houston) said they’re working on the final step to pass a divestment-related law.
“SB 1817 prohibits investments by state run boards or funds in any Russian Federation fund or activity that relates to the dictatorship of President Putin or the Russian Federation that’s supporting the war against Ukraine,” he said.
The entities include the Employees Retirement System of Texas, the Teacher Retirement System of Texas, the Comptroller’s Office and their investment of state funds, and any entity subject to Chapter 2256.
The bill imposes a 90-day window for the divestment process to be done in a way that minimizes any investment losses to state investment funds.
Senator Bettencourt highlighted the ripple effect of dealing with countries like Russia.
“The problem when you’re dealing with a dictatorship or oligarchy that’s basically already invaded a sovereign country next to them is that basically they can change the rules just like that and you’re money could literally go up in smoke,” he said.
In a statement, Comptroller Hegar applauded the work of the Texas Senate.
“As the world’s 9th largest economy and the nation’s top state for international trade, Texas plays a crucial role in maintaining global geopolitical and economic stability. I look forward to working with Senator Bettencourt and the bipartisan coalition of members to ensure Texas’ investments remain consistent with Texas values and don’t support authoritarian regimes of the violent dictatorships,” he said.
On February 24, the world marked the one-year anniversary of Russia’s invasion of Ukraine.
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