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83rd OREGON LEGISLATIVE ASSEMBLY--2025 Regular Session
House Bill 3250
Sponsored by Representative RESCHKE
SUMMARY
The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject
to consideration by the Legislative Assembly. It is an editor’s brief statement of the essential features of the
measure as introduced.The statement includes a measure digest written in compliance with applicable readability
standards.
Digest: The Act says that persons who invest PERS moneys may not consider factors that do
not relate to financial risk or return. (Flesch Readability Score: 61.4).
Prohibits the Oregon Investment Council, the State Treasurer and managers from considering
nonfinancial factors when directing or managing the investment of the Public Employees Retirement
Fund.
A BILL FOR AN ACT
Relating to consideration of nonfinancial factors in managing state investments.
Be It Enacted by the People of the State of Oregon:
SECTION 1. (1) As used in this section:
(a) “Fiduciary” means the Oregon Investment Council, the State Treasurer in the State
Treasurer’s role as investment officer for the council and any managers engaged by the
council or the State Treasurer for the active management of investments.
(b) “Nonfinancial factor” means a factor that has not been prudently determined by a
fiduciary to have a material effect on the financial risk or the financial return of an invest-
ment.
(c) “Policy commitment” means any evidence of a fiduciary’s purpose in managing assets
as a fiduciary, including, without limitation:
(A) Advertising, statements, explanations, reports, letters to clients, communications
with portfolio companies, statements of principles or commitments; and
(B) Participation in, affiliation with or status as a signatory to any coalition, initiative,
joint statement of principles or agreement.
(2) A fiduciary may not consider nonfinancial factors when directing or managing in-
vestments of moneys in the Public Employees Retirement Fund referred to in ORS 238.660.
(3) A fiduciary is rebuttably presumed to have considered a nonfinancial factor if the
fiduciary has made, after the effective date of this 2025 Act, a policy commitment to further
any social, political or ideological interest through company engagement, board or share-
holder votes or otherwise.
(4) The requirements of this section are in addition to and not in lieu of the provisions
of ORS 293.721 and 293.726.
NOTE:Matter in boldfaced type in an amended section is new; matter [italic and bracketed] is existing law to be omitted.
New sections are in boldfaced type.
LC 2231