Idaho Legislature: Ask Legislators to VOTE YES on H0296 - Foreign adversary divestment act (posted 02/28/25)

• Bill: legislature.idaho.gov/s…

• Contact Legislators: emailidaho.com

(Check the linked page or use My Bill Tracker for the bill’s current status.)

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H0296 require divesting any State of Idaho public investment or pension dollars that would be at risk in countries identified as foreign adversaries. The bill aims to prevent Idaho's public investment dollars from supporting the military technologies or surveillance tools of countries that could harm U.S. interests, while ensuring that the divestment process does not conflict with existing financial safeguards or fiduciary requirements.

Details:

• Defines: company, divestment, domicile, foreign adversary, governmental entity, investment, official government capacity, state-managed fund, state-owned enterprise, and total divestment.

• Requires Idaho governmental entities to divest from investments in foreign adversaries, defined in 15 CFR 791.4 (as of January 1, 2025).

• Foreign adversaries that pose national security risks include China and Hong Kong administrative region, Cuba, Iran, North Korea, Russian Federation, and Venezuela.

• Prohibited: Investing state-managed funds in any foreign adversary entity.

• Prohibited: Investing or depositing public funds in any bank that is domiciled or has its principal place of business in a foreign adversary.

• State Investment Audit Required: State treasurer's investment advisory board must conduct a comprehensive audit by January 1, 2026 to identify and list restricted companies, using methods such as reviewing public information, consulting asset and fund managers, contacting other institutional investors, and engaging independent research firms.

• Divestments Required: All state-managed funds, including public pension funds, university endowments, and other state investment structures, must begin divesting from and completely eliminate investments in companies domiciled in or owned by foreign adversaries by June 30, 2026.

• Limitations: Ensures state-managed funds divestment process does not conflict with existing financial safeguards or fiduciary requirements.

Related:

• H0221 - State assets, foreign adversaries: