California 2021-2022 Regular Session Status: Enacted

AB 2422 — California State University: investments.

Last action — Chaptered by Secretary of State - Chapter 530, Statutes of 2022.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 17, 2022. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 7 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

(1) Existing law authorizes the chief fiscal officer of a campus of the California State University, upon approval of the Trustees of the California State University, to invest certain money received by the California State University in mutual funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, or in United States registered real estate investment trusts. This bill would limit the real estate investment trusts that could be invested in to those that are publicly traded and registered with the United States Securities and Exchange Commission. The bill would authorize the chief fiscal officer of a campus of the California State University, upon approval of the trustees, to also invest that money in institutional commingled funds, as specified, offered by investment advisors registered with, and under the regulatory authority of, the United States Securities and Exchange Commission, or in exchange-traded funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission. (2) Existing law establishes the California State University Special Projects Fund, which consists of grants, revenues, and funds of any nature received by the trustees for research, workshops, conferences, institutes, and special projects from the state, federal government, local government, or private persons. Existing law continuously appropriates all grants, revenues, and funds deposited in the fund to the trustees for the operation, support, and development of research, workshops, conferences, institutes, and special projects in the California State University. Existing law authorizes the Treasurer or the chief fiscal officer of a campus of the California State University, upon approval of the trustees, to invest money from the fund in mutual funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, or in United States registered real estate investment trusts. This bill would limit the real estate investment trusts that could be invested in to those that are publicly traded and registered with the United States Securities and Exchange Commission. The bill would authorize the Treasurer or chief fiscal officer of a campus of the California State University, upon approval of the trustees, to also invest that money in institutional commingled funds, as specified, offered by investment advisors registered with, and under the regulatory authority of, the United States Securities and Exchange Commission, or in exchange-traded funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission. By authorizing the expenditure of moneys from a continuously appropriated fund for new purposes, the bill would make an appropriation. (3) Commencing with the 2019–20 fiscal year, existing law limits the total amount that may be invested in those mutual funds and real estate investment trusts, as described in paragraphs (1) and (2) , to up to 30% of that money. Commencing with the 2022–23 fiscal year, this bill would increase the limit on the total amount that may be invested in those mutual funds, real estate investments trusts, institutional commingled funds, and exchange-traded funds, as described in paragraphs (1) and (2) , to up to 65% of that money.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 530, Statutes of 2022.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 4 p.m.

  4. In Assembly. Ordered to Engrossing and Enrolling.

  5. Read third time. Passed. Ordered to the Assembly. (Ayes 40. Noes 0. Page 4981.).

  6. Ordered to special consent calendar.

  7. Read second time. Ordered to third reading.

  8. From committee: Do pass. (Ayes 7. Noes 0.) (August 11).

  9. In committee: Referred to suspense file.

  10. From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (June 30). Re-referred to Com. on APPR.

  11. Referred to Com. on ED.

  12. In Senate. Read first time. To Com. on RLS. for assignment.

  13. Read third time. Passed. Ordered to the Senate. (Ayes 74. Noes 0. Page 4849.)

  14. Read second time. Ordered to third reading.

  15. From committee: Do pass. (Ayes 16. Noes 0.) (May 19).

  16. In committee: Set, first hearing. Referred to suspense file.

  17. From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (April 26). Re-referred to Com. on APPR.

  18. Re-referred to Com. on HIGHER ED.

  19. From committee chair, with author's amendments: Amend, and re-refer to Com. on HIGHER ED. Read second time and amended.

  20. Re-referred to Com. on HIGHER ED.

  21. From committee chair, with author's amendments: Amend, and re-refer to Com. on HIGHER ED. Read second time and amended.

  22. Referred to Com. on HIGHER ED.

  23. From printer. May be heard in committee March 20.

  24. Read first time. To print.

Sponsors

  • McCarty · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • McCarty

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Special Consent AB2422

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 13000
Unaffiliated 23000
Republican 4000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)
Member Party Vote
Borgeas — Yea
Leyva — Yea
Pan — Yea
Atkins — Yea
Dodd — Yea
Gonzalez — Yea
Rubio — Yea
Wilk — Yea
Skinner — Yea
Portantino — Yea
Kamlager — Yea
Melendez — Yea
Newman — Yea
Nielsen — Yea
Bradford — Yea
Glazer — Yea
Eggman — Yea
Hertzberg — Yea
Min — Yea
Roth — Yea
Wieckowski — Yea
Bates — Yea
Hueso — Yea
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

Do pass

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 2000
Unaffiliated 4000
Republican 1000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Portantino — Yea
Bradford — Yea
Wieckowski — Yea
Bates — Yea
Laird, John Democratic Yea
McGuire, Mike Democratic Yea
Jones, Brian W. Republican Yea

Official roll call →

Placed on suspense file

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Republican 1000
Unaffiliated 5000
Democratic 1000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Bradford — Yea
Kamlager — Yea
Bates — Yea
Wieckowski — Yea
Portantino — Yea
Laird, John Democratic Yea
Jones, Brian W. Republican Yea

Official roll call →

AB 2422 McCarty Assembly Third Reading

Passed 74 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Democratic 27003
Unaffiliated 38001
Republican 9000
Total 74004
% of votes cast 95%0%0%5%
How each member voted (78)
Member Party Vote
Bloom — Yea
Friedman — Yea
Voepel — Yea
Cooley — Yea
Mathis — Yea
Bigelow — Yea
Rendon — Yea
Mullin — Yea
Holden — Yea
Villapudua — Yea
Salas — Yea
Jones-Sawyer — Yea
Santiago — Yea
Maienschein — Yea
Rodriguez — Yea
Quirk — Yea
Wood — Yea
Kiley — Yea
Mayes — Yea
Nazarian — Yea
Ting — Yea
Low — Yea
Levine — Yea
Waldron — Yea
Daly — Yea
O'Donnell — Not Voting
McCarty — Yea
Medina — Yea
Gray — Yea
Smith — Yea
Cunningham — Yea
Cooper — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Luz Rivas — Yea
Mark Stone — Yea
Vince Fong — Yea
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Bennett, Steve Democratic Yea
Berman, Marc Democratic Not Voting
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Not Voting
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Haney, Matt Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Lee, Alex Democratic Yea
Muratsuchi, Al Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Not Voting
Ward, Christopher M. Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wicks, Buffy Democratic Yea
Wilson, Lori D. Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea
Seyarto, Kelly Republican Yea
Valladares, Suzette Martinez Republican Yea

Official roll call →

Do pass.

Passed 16 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 7000
Democratic 7000
Republican 2000
Total 16000
% of votes cast 100%0%0%0%
How each member voted (16)
Member Party Vote
Levine — Yea
Holden — Yea
Quirk — Yea
Bigelow — Yea
Eduardo Garcia — Yea
Vince Fong — Yea
Wendy Carrillo — Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Rivas, Robert Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wilson, Lori D. Democratic Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations]

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 4000
Unaffiliated 6000
Republican 2000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Kiley — Yea
Levine — Yea
Medina — Yea
Low — Yea
Bloom — Yea
Santiago — Yea
Arambula, Joaquin Democratic Yea
Gabriel, Jesse Democratic Yea
Irwin, Jacqui Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Choi, Steven S. Republican Yea
Valladares, Suzette Martinez Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does AB 2422 do?
(1) Existing law authorizes the chief fiscal officer of a campus of the California State University, upon approval of the Trustees of the California State University, to invest certain money received by the California State University in mutual funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, or in United States registered real estate investment trusts. This bill would limit the real estate investment trusts that could be invested in to those that are publicly traded and registered with the United States Securities and Exchange Commission. The bill would authorize the chief fiscal officer of a campus of the California State University, upon approval of the trustees, to also invest that money in institutional commingled funds, as specified, offered by investment advisors registered with, and under the regulatory authority of, the United States Securities and Exchange Commission, or in exchange-traded funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission. (2) Existing law establishes the California State University Special Projects Fund, which consists of grants, revenues, and funds of any nature received by the trustees for research, workshops, conferences, institutes, and special projects from the state, federal government, local government, or private persons. Existing law continuously appropriates all grants, revenues, and funds deposited in the fund to the trustees for the operation, support, and development of research, workshops, conferences, institutes, and special projects in the California State University. Existing law authorizes the Treasurer or the chief fiscal officer of a campus of the California State University, upon approval of the trustees, to invest money from the fund in mutual funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, or in United States registered real estate investment trusts. This bill would limit the real estate investment trusts that could be invested in to those that are publicly traded and registered with the United States Securities and Exchange Commission. The bill would authorize the Treasurer or chief fiscal officer of a campus of the California State University, upon approval of the trustees, to also invest that money in institutional commingled funds, as specified, offered by investment advisors registered with, and under the regulatory authority of, the United States Securities and Exchange Commission, or in exchange-traded funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission. By authorizing the expenditure of moneys from a continuously appropriated fund for new purposes, the bill would make an appropriation. (3) Commencing with the 2019–20 fiscal year, existing law limits the total amount that may be invested in those mutual funds and real estate investment trusts, as described in paragraphs (1) and (2) , to up to 30% of that money. Commencing with the 2022–23 fiscal year, this bill would increase the limit on the total amount that may be invested in those mutual funds, real estate investments trusts, institutional commingled funds, and exchange-traded funds, as described in paragraphs (1) and (2) , to up to 65% of that money.
Who sponsors AB 2422?
AB 2422 is sponsored by McCarty.
What is the current status of AB 2422?
This bill has been enacted into law. Introduced February 17, 2022. Enacted.
Where can I track AB 2422?
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