Bill Status of HB 2460   101st General Assembly

Short Description:  SUSTAINABLE INVESTING ACT

House Sponsors
Rep. William Davis-Debbie Meyers-Martin-Stephanie A. Kifowit, Jonathan Carroll, Bob Morgan, Kelly M. Cassidy, Theresa Mah, Celina Villanueva, Natalie A. Manley, Elizabeth Hernandez and Jawaharial Williams

Senate Sponsors
(Sen. Iris Y. Martinez, Jacqueline Y. Collins, Mattie Hunter, Cristina Castro and Martin A. Sandoval)


Last Action  View All Actions

DateChamber Action
  8/23/2019HousePublic Act . . . . . . . . . 101-0473

Statutes Amended In Order of Appearance
New Act
15 ILCS 520/22.8
30 ILCS 235/2.5
40 ILCS 5/1-113.6
40 ILCS 5/1-113.17 new

Synopsis As Introduced
Creates the Illinois Sustainable Investing Act. Provides that any public agency or governmental unit shall develop, publish, and implement sustainable investment policies applicable to the management of all public funds under its control. Provides that the sustainable investment policy may be incorporated in existing investment policies developed, published, and implemented by a public agency or governmental unit. Provides that the sustainable investment policy shall include material, relevant, and decision-useful sustainability factors to be applied by the public agency or governmental unit in evaluating investment decisions. Provides that a public agency shall prudently integrate sustainability factors into its investment decision-making, investment analysis, portfolio construction, due diligence, and investment ownership in order to maximize anticipated financial returns, minimize projected risk, and more effectively execute its fiduciary duty. Specifies sustainability factors, and the ways in which such factors may be analyzed. Amends the Deposit of State Moneys Act, the Public Funds Investment Act, and the Illinois Pension Code to make changes concerning investment policy and the Illinois Sustainable Investing Act. Provides findings and purpose provisions. Defines terms.

 State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
 This bill does not create a State mandate.

 Fiscal Note (Office of the Treasurer)
 HB 2460 will have no fiscal impact on the State Treasurer's Office as the Treasurer's office already has a published investment policy that includes material, relevant and decision-useful sustainability factors in accordance with this legislation. HB 2460 is likely to have a positive economic impact to the State of Illinois because evaluating sustainability factors in investment decision-making minimizes risks and maximizes returns on the state's investments.

House Floor Amendment No. 1
Provides that the sustainable investment policy developed under the Illinois Sustainable Investing Act shall include material, relevant, and decision-useful sustainability factors to be considered (currently, applied) by the public agency or governmental unit as one component of its overall evaluation of investment decisions. Provides that nothing in the Act prohibits a public agency or governmental unit from integrating additional factors into its investment decision-making, investment analysis, portfolio construction, due diligence, and investment ownership of public funds. Provides that the Act shall not apply to bank time deposits or bank processing services. Makes conforming changes.

House Floor Amendment No. 2
Provides that sustainability factors include, among other factors, human capital factors that recognize that the workforce is an important asset to delivering long-term value, including factors such as labor practices, responsible contractor and responsible bidder policies, employee health and safety, employee engagement, diversity and inclusion, and incentives and compensation (currently, responsible contractor and responsible bidder policies are not included as human capital factors).

Senate Committee Amendment No. 1
Provides that any public agency or governmental unit should (currently, shall) develop, publish, and implement sustainable investment policies applicable to the management of all public funds under its control. Provides that the sustainable investment policy should (currently, shall) include material, relevant, and decision-useful sustainability factors to be considered by the public agency or governmental unit as one component of its overall evaluation of investment decisions, which may (currently, shall) include specified items. Makes other changes concerning specified investment policies. Defines "financial institution". Makes conforming changes.

Actions 
DateChamber Action
  2/13/2019HouseFiled with the Clerk by Rep. William Davis
  2/13/2019HouseFirst Reading
  2/13/2019HouseReferred to Rules Committee
  2/26/2019HouseAssigned to State Government Administration Committee
  3/6/2019HouseDo Pass / Short Debate State Government Administration Committee; 006-004-000
  3/7/2019HousePlaced on Calendar 2nd Reading - Short Debate
  3/11/2019HouseFiscal Note Requested by Rep. Tom Demmer
  3/11/2019HouseState Mandates Fiscal Note Requested by Rep. Tom Demmer
  3/14/2019HouseState Mandates Fiscal Note Filed
  3/15/2019HouseFiscal Note Filed
  3/19/2019HouseSecond Reading - Short Debate
  3/19/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/20/2019HouseAdded Chief Co-Sponsor Rep. Debbie Meyers-Martin
  3/20/2019HouseAdded Co-Sponsor Rep. Jonathan Carroll
  3/20/2019HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. William Davis
  3/20/2019HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  3/20/2019HouseAdded Co-Sponsor Rep. Bob Morgan
  3/21/2019HouseHouse Floor Amendment No. 1 Rules Refers to State Government Administration Committee
  3/28/2019HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
  3/28/2019HouseAdded Co-Sponsor Rep. Theresa Mah
  3/28/2019HouseAdded Co-Sponsor Rep. Celina Villanueva
  3/29/2019HouseHouse Floor Amendment No. 1 Recommends Be Adopted State Government Administration Committee; 007-003-000
  3/29/2019HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. William Davis
  3/29/2019HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  4/2/2019HouseHouse Floor Amendment No. 2 Rules Refers to State Government Administration Committee
  4/3/2019HouseHouse Floor Amendment No. 2 Recommends Be Adopted State Government Administration Committee; 007-003-000
  4/4/2019HouseRecalled to Second Reading - Short Debate
  4/4/2019HouseHouse Floor Amendment No. 1 Adopted
  4/4/2019HouseHeld on Calendar Order of Second Reading - Short Debate
  4/4/2019HouseHouse Floor Amendment No. 2 Adopted
  4/4/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/4/2019HouseThird Reading - Short Debate - Passed 066-046-000
  4/4/2019SenateArrive in Senate
  4/4/2019SenatePlaced on Calendar Order of First Reading
  4/4/2019SenateChief Senate Sponsor Sen. Iris Y. Martinez
  4/4/2019SenateFirst Reading
  4/4/2019SenateReferred to Assignments
  4/24/2019SenateAssigned to Financial Institutions
  4/29/2019SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Iris Y. Martinez
  4/29/2019SenateSenate Committee Amendment No. 1 Referred to Assignments
  4/30/2019SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  5/1/2019SenateSenate Committee Amendment No. 1 Adopted
  5/1/2019SenateDo Pass as Amended Financial Institutions; 006-003-000
  5/1/2019SenatePlaced on Calendar Order of 2nd Reading May 2, 2019
  5/1/2019SenateAdded as Alternate Co-Sponsor Sen. Jacqueline Y. Collins
  5/9/2019SenateAdded as Alternate Co-Sponsor Sen. Mattie Hunter
  5/16/2019SenateAdded as Alternate Co-Sponsor Sen. Cristina Castro
  5/17/2019SenateSecond Reading
  5/17/2019SenatePlaced on Calendar Order of 3rd Reading May 20, 2019
  5/20/2019SenateAdded as Alternate Co-Sponsor Sen. Martin A. Sandoval
  5/23/2019SenateThird Reading - Passed; 037-019-000
  5/23/2019HouseArrived in House
  5/23/2019HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/24/2019HouseSenate Committee Amendment No. 1 Motion Filed Concur Rep. William Davis
  5/24/2019HouseSenate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/24/2019HouseSenate Committee Amendment No. 1 Motion to Concur Rules Referred to State Government Administration Committee
  5/27/2019HouseSenate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted State Government Administration Committee; 006-004-000
  5/28/2019HouseAdded Chief Co-Sponsor Rep. Stephanie A. Kifowit
  5/28/2019HouseAdded Co-Sponsor Rep. Natalie A. Manley
  5/28/2019HouseAdded Co-Sponsor Rep. Elizabeth Hernandez
  5/29/2019HouseSenate Committee Amendment No. 1 House Concurs 073-042-000
  5/29/2019HouseHouse Concurs
  5/29/2019HousePassed Both Houses
  5/29/2019HouseAdded Co-Sponsor Rep. Jawaharial Williams
  6/27/2019HouseSent to the Governor
  8/23/2019HouseGovernor Approved
  8/23/2019HouseEffective Date January 1, 2020
  8/23/2019HousePublic Act . . . . . . . . . 101-0473

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