Colorado 2023 Regular Session

Colorado House Bill HB1092

Introduced
1/19/23  
Refer
1/19/23  

Caption

Limitating Use Of State Money

Impact

The legislation directly impacts how state investment is managed, fundamentally shifting the responsibilities of PERA and the state treasurer. By limiting investments to purely financial factors, this bill aims to shield state investments from being influenced by broader social, political, or ideological issues, effectively centralizing control over investment decisions. This could lead to a realignment of investment priorities within state funds and a potential reduction in socially responsible investing practices.

Summary

House Bill 1092 seeks to impose limitations on the use of state funds by prohibiting investments that are not solely based on financial factors. The bill mandates that the Public Employees' Retirement Association (PERA) and the state treasurer must ensure that their investment decisions align strictly with financial interests, excluding any investments made for nonfinancial purposes including social or ideological commitments. Furthermore, the bill establishes a framework to verify that companies involved in government contracts do not engage in economic boycotts against other entities based on nonfinancial grounds.

Contention

Opposition to HB 1092 revolves around concerns that it undermines the ability of state investment entities to consider broader social responsibilities and ethical considerations in their investment strategies. Supporters assert that the bill protects state funds from political interference, while critics argue it effectively restricts the ability to leverage investments for social good, notably in industries that are often targeted for boycotts. The implications of enforcing contract verifications against economic boycotts may also prompt legal challenges, particularly with regard to the balance between free enterprise and state-level economic regulations.

Companion Bills

No companion bills found.

Previously Filed As

CO SB059

Children's Behavioral Health Statewide System of Care

CO HB1328

Sunset Continue Money Transmitter Regulation

CO SB158

Social Media Protect Juveniles Disclosures Reports

CO SB129

Nonprofit Member Data Privacy & Public Agencies

CO HB1292

Prohibit Certain Weapons Used in Mass Shootings

CO HB1231

State Funding for Higher Education Projects

CO SB214

Implement State Climate Goals

CO HB1286

Equal Justice Fund Authority

CO HB1295

Creative Industry Community Revitalization Incentives

CO HB1157

Employee-Owned Business Office & Income Tax Credit

Similar Bills

CO HB1437

Prohibit Flat Fees for Defending Indigent Clients

CO HB1162

Consumer Legal Funding Transactions

CO HB1286

Equal Justice Fund Authority

CO SB053

Restrict Governmental Nondisclosure Agreements

CO HB1038

Right To Counsel For Youth

CO HB1192

Additional Protections In Consumer Code

CO HB1355

Measures to Reduce the Competency Wait List

CO HB1058

Professional Sporting Events Contract Disputes