Austin, TX – Senator Paul Bettencourt (R-Houston) with the entire Texas Senate as a Joint Author or Co Author, passed SB 1817 on Thursday, April 27, 2023. SB 1817 requires all state investing entities, including the Employees Retirement System of Texas, the Teacher Retirement System of Texas, the Comptroller’s Office and their investment of state funds, and any entity subject to Chapter 2256, to divest from any investments in the Russian Federation. “The State of Texas doesn’t need to do business with Totalitarian Regimes like Russia that wage war on Democracies without reason or provocation, and could change investment rules at a snap of a finger,” said Sen. Bettencourt.

On February 24, 2022, Russian forces launched a country-wide assault on Ukraine. In response, Senator Bettencourt organized and delivered a letter March 2nd, 2022, signed by the entire Texas Senate, to Lieutenant Governor Dan Patrick requesting an interim charge to protect state assets. This letter helped lead to the Comptroller’s Office requesting the Texas Treasury Safekeeping Trust Company to review Russia Federation investments. SB 1817 codifies into law what the Comptroller’s Office has done since receiving the Texas Senate’s letter. According to a May 2022 report by the Comptroller’s Office, the total Russia Federation exposure across all Trust pools of capital is at 0% direct and 0.001% indirect.

“I applaud my former colleagues in the Senate for remaining focused on this issue. As the world’s 9th largest economy and the nation’s top state for international trade, Texas plays a crucial role in maintaining global geopolitical and economic stability. I look forward to working with Senator Bettencourt and this bipartisan coalition of members to ensure Texas’ investments remain consistent with Texas values and don’t support authoritarian regimes or the violent dictatorships.” Said Comptroller Glenn Hegar (R-Texas) when SB 1817 was filed.

“I laud Comptroller Hegar’s excellent work in taking this stand for Texans,” Sen. Bettencourt added.

SB 1817 will also prohibit any future state investment with the Russian Federation and allow a 90-day window for current investments to be unwound in a manner that will minimize any investment losses to state investment funds. SB 1817 will move to the Texas House where it needs to be passed before being signed into law by the Governor.

“A united Texas Senate has taken a united step to stand up for what’s right! Now the bill moves to the Texas House,” concluded Sen. Bettencourt.

See previous press releases for more information:

• 30 TX Senators follow through on 2022 commitment to Divest from Russia Federation Investments
• Letter to Lieutenant Governor Patrick- Interim charge to protect state assets due to Russian invasion
• The Senate Unanimously Joined Senator Paul Bettencourt on Texas Disinvestment of Russian Investments Interim Charge Sent to Lieutenant Governor Patrick

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