Relating to prohibiting the investment of state money in certain countries and in certain private business entities in those countries.

HB 34 prohibits Texas state investments in countries designated as "countries of concern" (including China, Iran, North Korea, Russia, and any country the governor designates) and in private companies operating in those countries that meet specific criteria. It defines "scrutinized companies" as those engaged in certain business activities (like those linked to the Darfur genocide) or meeting other conditions outlined in the bill. The law applies to all state investment entities, requiring them to divest from or avoid purchasing securities in these entities. An exception allows investments in companies excluded by U.S. federal sanctions regimes.