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Relating to state contracts with and investments in social media companies that censor political speech.
The fiscal impact of provisions that would prohibit certain state governmental entities from investing in social media companies that censor political speech and prohibit certain governmental entities from executing contracts with the same companies cannot be determined.
SB 1158 would prohibit certain state retirement systems and the public school fund from investing in a social media company that censors political speech and would require the attorney general to create and maintain such a list of companies.
Additionally, SB 1158 would require a state governmental agency to withdraw all publicly traded securities of a listed company within one year. The state would have to, without regard to whether the person performed services for compensation, indemnify and hold harmless for actual damages, a person acting in official state capacity or contractor or past employee, from a cause of action based on an action or inaction made with regard to this law.
By January 15 of each year, the bill would require that state agencies publish on their website and give to the legislature a report of all securities sold or withdrawn in compliance with this law and provide a list of all prohibited investments.
The state is within its rights to determine the criteria for investing retirement funds of state employees. The provisions of this bill do not appear to affect our liberty principles so Texas Action remains neutral.