State funds: divestment: foreign boycotts of Israel.

Existing law prohibits state trust funds, as defined, from making, holding, or renewing investments in business firms or financial institutions that engage in discriminatory business practices in furtherance of, or in compliance with, the Arab League's economic boycott of Israel, as specified. Existing law also prohibits state moneys, as defined, from being deposited with financial institutions that engage in those discriminatory business practices. This bill would enact the California Israel Commerce Protection Act. The bill would additionally apply those prohibitions to investment in business firms or financial institutions that engage in discriminatory business practices in furtherance or in compliance with the boycott of Israel, as defined. The bill would require state trust funds to use the most recent federal report on politically motivated acts of boycott, divestment from, and sanctions against Israel to determine which business firms and financial institutions engage in those practices. The bill would make conforming changes and related findings and declarations.