PRC Accountability and Divestment Act of 2023

This bill allows state and local governments to divest public funds (including pensions and endowments) from entities investing in China, specifically targeting those listed on U.S. government sanctions or restrictions. It defines "covered entities" as Chinese companies or their subsidiaries on lists like the OFAC Specially Designated Nationals List, military-industrial complex lists, or entities linked to forced labor. Governments must provide 90 days' notice, allow written comments, and verify an entity’s inclusion on these lists before enforcing divestment. The law explicitly excludes ERISA-covered employee benefit plans from these requirements and ensures state actions don’t conflict with federal law.