AB 269 — Relating to: prohibiting the Investment Board from making investments in firearms companies. (FE)

Bill Text

• Bill Text View text Current pdf

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The bill adds restrictions on investments by the State of Wisconsin Investment Board regarding firearms companies.

• 25.182

  the board shall have authority to manage the money and property of the core retirement investment trust and, subject to s. 25.17 (5), the variable retirement investment trust in any manner that does not violate the standard of responsibility specified in s. 25.15 (2). → the board shall have authority to manage the money and property of the core retirement investment trust and, subject to s. 25.17 (5), the variable retirement investment trust in any manner that does not violate the standard of responsibility specified in s. 25.15 (2) except s. 25.183 (4).

  This change clarifies that the board's management authority is subject to the new restrictions regarding investments in firearms companies.

• 25.183 (4)

  25.183 (4) INVESTMENTS IN FIREARMS COMPANIES.(a) In this subsection: 1. "Company" has the meaning given for "business entity" in s. 13.62 (5). 2. "Firearms company" means any of the following: a. Any company engaged in the business of manufacturing or importing firearms or ammunition and having a license to do so issued by the federal government. b. Any company engaged in the business of manufacturing or importing firearms accessories. c. Any parent company or subsidiary company of a company described in subd. 2. a. or b. (b) 1. No later than the 30th day beginning after the effective date of this subdivision .... [LRB inserts date], the board shall make its best efforts to identify firearms companies and shall make a list of such companies. At least quarterly, the board shall update this list after again making its best efforts to identify all such companies. 2. For purposes of subd. 1., the board's best efforts to identify firearms companies shall, at a minimum, include all of the following: a. Contacting the federal Bureau of Alcohol, Tobacco, Firearms and Explosives, or any successor agency, to obtain information to identify companies licensed to manufacture or import firearms or ammunition, including, if necessary, making federal Freedom of Information Act requests. b. Reviewing publicly available information regarding firearms companies, including information provided by nonprofit organizations, research firms, and government entities. c. Contacting other institutional investors known to the board to have undertaken to identify firearms companies. 3. The board shall send a written notice to each firearms company included on the list under subd. 1. informing the company that the board is prohibited from investing in the company and of the reason for this prohibition. (c) Notwithstanding s. 25.15 (2), but subject to pars. (d) to (f), after the 30th day beginning after the effective date of this paragraph .... [LRB inserts date], the board may not invest any of the moneys in funds under its management in any equity or debt securities of any firearms company included on the board's most recent list under par. (b) 1. (d) 1. Notwithstanding s. 25.15 (2), but subject to pars. (e) and (f), if the board, on the 30th day beginning after the effective date of this subdivision .... [LRB inserts date], maintains any investment prohibited under par. (c), the board shall divest itself of the investment not later than the first day of the 7th month beginning after the effective date of this subdivision .... [LRB inserts date]. 2. Notwithstanding s. 25.15 (2), but subject to pars. (e) and (f), if upon its quarterly review the board updates its list under par. (b) 1. to add a company in which the board maintains an investment prohibited under par. (c), the board shall divest itself of the investment not later than 6 months after the company is added to the list under par. (b) 1.

  This creates a new section establishing a list of firearms companies and prohibits investments in those companies by the board, along with requirements for divestment.

• 25.17 (14m) (d)

  The most recent list under s. 25.183 (4) (b) 1. and other information relating to the board's efforts to satisfy the requirements under s. 25.183 (4), including, as applicable, the board's status of divestment from firearms companies.

  This establishes a requirement for the board to report on its divestment efforts regarding firearms companies.

Action History

1. April 01, 2020

   Failed to pass pursuant to Senate Joint Resolution 1

2. June 27, 2019

   Fiscal estimate received

3. June 07, 2019

   Read first time and referred to Committee on Financial Institutions

4. June 07, 2019

   Introduced by Representatives Sargent, Stubbs, Subeck, C. Taylor, Anderson, Brostoff, Crowley, Emerson, Ohnstad, Sinicki and Zamarripa; cosponsored by Senators Larson and Risser

Sponsors

• Sargent · Primary
• Lisa Subeck · Primary
• Brostoff · Primary
• Crowley · Primary
• Ohnstad · Primary
• Christine Sinicki · Primary
• Zamarripa · Primary
• Clinton Anderson · Primary
• Sequanna Taylor · Primary
• Shelia Stubbs · Primary
• Jodi Emerson · Primary

Subjects