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

The deadline for state-managed funds to complete divestment was changed from January 1, 2036, or 10 years after the effective date, to January 1, 2028, or 2 years after the effective date, whichever occurs first.

A new requirement was added for the State Treasurer to develop a notification system to inform the public about divestment actions.

The bill title was updated to conform to the amended language, and minor formatting changes were made throughout the document.

The deadline for complete divestment was changed from January 1, 2028, to January 1, 2036, giving state funds more time to divest prohibited investments.

A new requirement was added mandating that state-managed funds divest holdings within 10 years when a country is newly designated as a foreign adversary.

The definition of prohibited investments was modified to remove duplicate categories and reorganize the list of prohibited entities for clarity.

A new definition of 'divest' was added to clarify that it means reducing prohibited investments to no more than 0.0005% of total assets.

The bill text was reformatted to reflect its status as an engrossed version with updated sponsor names and page numbering.

Removed the 'Proposed Oversight Committee Substitute' designation and updated page reference numbers from 13106 to 13134.

Added new Section 6 requiring the State Treasurer to develop a notification system to identify foreign adversaries and countries of particular concern, with information made available to entities subject to the act.

Added specific definition for 'total divestment' as reducing prohibited investments to no more than 0.0005% of market value of assets under management by state or locally managed funds.

Added requirement that entities identify all state-owned enterprises no later than six months after the effective date of the act.