This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB743,1 1Section 1. 25.17 (9m) of the statutes is amended to read:
SB743,2,52 25.17 (9m) If contracted to do so by the Board of Regents of the University of
3Wisconsin System, invest the moneys specified in s. 36.11 (11m) in accordance with
4the terms of the contract and, the board's standard of responsibility specified in s.
525.15 (2), and the restrictions in s. 36.11 (11m) (c).
SB743,2 6Section 2. 36.11 (11m) (a) of the statutes is renumbered 36.11 (11m) (am), and
736.11 (11m) (am) (intro.), as renumbered, is amended to read:
SB743,2,98 36.11 (11m) (am) (intro.) The Subject to par. (c) and s. 36.29 (1), the board may
9invest revenues from gifts, grants, and donations by doing any of the following:
SB743,3 10Section 3 . 36.11 (11m) (ag) of the statutes is created to read:
SB743,2,1111 36.11 (11m) (ag) In this subsection:
SB743,2,1212 1. “Company” has the meaning given for “business entity” in s. 13.62 (5).
SB743,2,1313 2. “Government of China” means any of the following:
SB743,2,1414 a. The Communist Party of China.
SB743,3,2
1b. Any governmental unit of the People's Republic of China or of a province,
2region, or other political subdivision of the People's Republic of China.
SB743,3,43 c. Any instrumentality of the People's Republic of China or the Communist
4Party of China.
SB743,4 5Section 4. 36.11 (11m) (b) of the statutes is amended to read:
SB743,3,86 36.11 (11m) (b) Notwithstanding ss. 25.14 (1) (a) and 25.17 (1) (g), the board
7is not required to deposit revenues from gifts, grants, and donations in the state
8investment fund if the board invests these moneys as provided in par. (a) (am).
SB743,5 9Section 5 . 36.11 (11m) (c) of the statutes is created to read:
SB743,3,1210 36.11 (11m) (c) 1. Subject to subds. 2. and 3., after the effective date of this
11subdivision .... [LRB inserts date], the board may not invest revenues from gifts,
12grants, and donations in any equity or debt securities of any of the following:
SB743,3,1413 a. Any company that is directly controlled by the government of China or in
14which the government of China maintains a majority ownership interest.
SB743,3,1615 b. Any company that contracts with, or provides goods, services, or credit
16directly to, the government of China.
SB743,3,2017 2. Subject to subd. 3., if the board, on the effective date of this subdivision ....
18[LRB inserts date], maintains any investment prohibited under subd. 1., the board
19shall divest itself of the investment not later than the first day of the 13th month
20beginning after the effective date of this subdivision .... [LRB inserts date].
SB743,3,2521 3. In determining whether an investment is prohibited under subds. 1. and 2.,
22the board may rely on 3rd-party information about a company available from any
23reputable research or screening service, pension fund, institutional investor, or
24investment adviser, if the 3rd-party information utilizes criteria reasonably similar
25to the criteria specified in subd. 1. a. and b.
SB743,4,5
14. This paragraph applies to financial managers, the investment board, and
2private investment firms acting on behalf of the board as provided in par. (am), and
3applies both to investments held directly in the board's name or as nominee and to
4investments held indirectly in mutual funds, index funds, or similar commingled
5investment instruments.
SB743,6 6Section 6. 36.65 (7) of the statutes is created to read:
SB743,4,117 36.65 (7) Trust funds investment in companies associated with the
8government of China.
The board shall include in the report required under sub. (2)
9information relating to the board's efforts to satisfy the requirements under s. 36.11
10(11m) (c), including identification of companies in which investment is prohibited
11and, as applicable, the board's status of divestment from these companies.
SB743,7 12Section 7 . Initial applicability.
SB743,4,1413 (1) Report. The treatment of s. 36.65 (7) first applies to the first report
14submitted at least 90 days after the effective date of this subsection.
SB743,8 15Section 8 . Effective date.
SB743,4,1716 (1) This act takes effect on the first day of the 4th month beginning after
17publication.
SB743,4,1818 (End)
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