Senate Leadership sends "Interim Charge" Request to Lt. Gov. Patrick to protect State Assets impacted by Russian Invasion
- EDITORS NOTE: An update provided by Sen. Bettencourt's Office on Thursday, March 3rd, 2022 shows that 29 of the Senate's 31 Senators have now signed onto the Interim Charge Request to Lt. Gov. Patrick. The article below has been updated from its orginal version to indicate this update.
Due to the severity of the situation in Ukraine, there is concern that some assets of the State of Texas might be at risk due to international investment exposure. Following Russia's country-wide attack on ukraine, it is clear that the invasion not only imposes a risk to world stability, but also a potential risk of investment losses if a state government entity has funds invested in Russia or Russian Federation associated equities.
"We must take steps to protect Texas Taxpayer Assets from Totalitarian Regimes that go to war on Democracies without reason or provocation, and could change investment rules at the snap of a finger," said Bettencourt (at right.)In order to protect the state's investment assets and condemn this Russian Federation aggression, the following interim charge is proposed:
"An interim charge to study the feasibility that calls for the state's comptroller to, "prepare and maintain, and provide to each state governmental entity, a list of all companies that invest in the Russian Federation."
The state's asset owners would be required to notify those companies of their inclusion on the list and give 90 days to divest their positions.
The state's asset owners would be required to notify those companies of their inclusion on the list and give 90 days to divest their positions.
State Senator John Whitmire, the Dean of the Senate, said,
"It's time to set partisanship aside and unite to do everything we can to isolate Russia from any Texas economic ties."
The U.S. Treasury Department has imposed sanctions and limited the financial capabilities of certain individuals, banks, and financial markets in the Russian Federation.
The language in the Interim Charge Request mirrors that of language in Senate Bill 13 from the 2021 Regular Legislative Session, which passed by a 28 to 3 margin and dealt with financial company boycotts. Governor Abbott signed that bill on June 14th, 2021, and it became effective September 1st, 2021.
"Because Texas was an Independent Republic, our Texan Hearts go out to those Ukrainians fighting for their freedom as Texans once did, especially on this day, March 2nd, Texas Independence Day," concluded Bettencourt.
The letter sent to Lieutenant Governor Patrick can be READ HERE, and has now been signed by a total of 29 Senators, including the original 24 following co-signers :
- Carol Alvarado (D-Houston)
- Cesar Blanco (D-El Paso)
- Donna Campbell (R-New Braunfels)
- Brandon Creighton (R-Conroe)
- Sarah Eckhardt (D-Austin)
Roland Guitierrez (D-San Antonio)- Bob Hall (R-Edgewood)
- Kelly Hancock (R-North Richland Hills)
- Juan "Chuy" Hinojosa (D-McAllen)
- Joan Huffman (R-Houston)
- Bryan Hughes (R-Mineola)
- Nathan Johnson (D-Dallas)
- Lois Kolkhorst (R-Brenham)
- Eddie Lucio, Jr. (D-Brownsville)
- Borris Miles (D-Houston)
- Angela Paxton (R-McKinney)
- Charles Perry (R-Lubbock)
- Beverly Powell (D-Burleson)
- Charles Schwertner (R-Georgetown)
- Drew Springer (R-Muenster)
- Royce West (D-Dallas)
- John Whitmire (D-Houston), and
- Judith Zaffirini (D-Laredo)
As listed in the Senator's letter, the state invested funds subject to possible divestment include, though are likely not limited to, those held by the:
- Texas County & District Retirement System
- Texas Emergency Services Retirement System
- Texas Employees Retirement System
- Texas Municipal Retirement System
- Texas Permanent School Fund (PSF)
- Texas Teacher Retirement System, and
- UTIMCO, the University of Texas/Texas A&M Investment Management Company
