Public finance; Foreign Adversary Divestment Act of 2025; findings; definitions; investments; pension systems; liability; immunity; effective date.

Removed 'Proposed Oversight' title and updated page reference numbers from 13106 to 13134.

Added requirement for State Treasurer to develop a notification system to identify foreign adversaries and countries of particular concern.

Added specific definition of 'total divestment' as reducing prohibited investments to no more than 0.0005% of market value of assets under management.

Added requirement for entities to identify state-owned enterprises within six months of the act's effective date.

Changed divestment deadline from January 1, 2036 or 10 years after enactment to January 1, 2028 or 2 years after enactment, requiring much faster action.

Changed divestment requirement from reducing prohibited investments to no more than 0.0005% of assets to requiring immediate good faith divestment with total divestment by the new deadline.

Removed the State Treasurer's requirement to develop a notification system for divestment.

Changed the definition of 'State-owned enterprise' to clarify it includes companies owned or controlled by governments or individuals acting in official government capacities.

Changed 'providing immunity from certain liability for specific pension systems' to 'providing for construction of act' in the summary clause.

Section 4 was modified to remove redundant prohibited investment categories (e.g., 'Foreign adversary' and 'Company domiciled within a foreign adversary' were consolidated) and reorganized the list for clarity.

Section 5 was reorganized to separate requirements for state-managed funds (divest by 2036) from all state and local managed funds (prohibited from investing in foreign adversary banks).

Section 5 divestment deadline was changed from January 1, 2028 (or two years after effective date) to January 1, 2036 (or ten years after effective date), providing a longer compliance period.

Section 3 definitions were reformatted and slightly reordered for consistency, though the substantive definitions of terms like 'Company', 'Divestment', and 'Foreign adversary' remained unchanged.

The bill header and formatting were updated to reflect the 'Engrossed' version with additional sponsors (Lepak, Manger, and Archer) and corrected page numbering.