Senate approves bill banning IL investment in Russia
SPRINGFIELD — The Illinois State Senate unanimously approved legislation prohibiting the investment of state funds in Russia Wednesday.
The proposed law, House Bill 1293, would require the state to divest or withdraw any existing investments in Russian banks and companies and prohibit such investments moving forward on top of several other stipulations.
The legislation would also do the following:
- Require state colleges and universities to disclose endowments and donations provided by Russian companies or sources subject to Russia-related sanctions
- Require the state police to investigate property-related crimes involving individuals or companies sanctioned in response to the Russian invasion of Ukraine.
- Give the Department of Human Services added authority to address Ukrainian refugee resettlement.
- Create a task force to investigate vulnerabilities in the real estate sector that could facilitate Russian money laundering.
- Create a task force to recommend state protections against possible Russian or other foreign interference in Illinois elections.
With the State Senate’s 50-0 vote of approval Wednesday, the proposal’s next stop is the Illinois House of Representatives for final action.
Suggest a Correction