7513.77.
(a) This section shall be known, and may be cited, as the Resist the Wall Act. (b) As used in this section:
(1) “Board” means the Board of Administration of the Public Employees’ Retirement System or the Teachers’ Retirement Board of the State Teachers’ Retirement System, as applicable.
(2) “Border wall construction company” means any company that contracts or subcontracts to build, maintain, or provide material for President Trump’s Border Wall.
(3) “Company” means a sole proprietorship, organization, association, corporation, partnership, venture, or other entity, or its subsidiary or affiliate, that exists for profit-making purposes or to otherwise secure economic advantage.
(4) “Investment” means the purchase, ownership, or control of publicly issued stock, corporate bonds, or other debt instruments issued by a company.
(5) “President Trump’s Border Wall” means any physical wall or barrier constructed along the border between the United States and Mexico, consistent with President Trump’s campaign promises to build a border wall or President Trump’s executive order “Border Security and Immigration Enforcement Improvements” signed January 25, 2017, regardless of whether the wall or barrier is paid for by the United States government, the Mexican government, increased trade tariffs, or any combination of those funds.
(6) “Public employee retirement funds” means the Public Employees’ Retirement Fund described in Section 20062 of this code, and the Teachers’ Retirement Fund described in Section 22167 of the Education Code.
(c) The board shall not make additional or new investments or renew existing investments of public employee retirement funds in a border wall construction company.
(d) The board shall liquidate investments in any border wall construction company within 12 months of the company contracting or subcontracting to provide work or material for President Trump’s Border Wall. In making a determination to liquidate investments, the board shall constructively engage with a border wall construction company to establish whether the company is transitioning its business model away from building, maintaining, or providing material for President Trump’s Border Wall.
(e) On or before January 1, 2019, the board shall file a report with the Legislature, in compliance with Section 9795, and the Governor, with information on any investment actions related to border wall construction companies, which shall include the following:
(1) A list of border wall construction companies from which the board has liquidated its investments pursuant to subdivision (d).
(2) A list of companies with which the board engaged pursuant to subdivision (d), with supporting documentation to substantiate the board’s determination.
(3) A list of border wall construction companies from which the board has not liquidated its investments as a result of a determination made pursuant to subdivision (f) that a sale or transfer of investments is inconsistent with the fiduciary responsibilities of the board as described in Section 17 of Article XVI of the California Constitution and the board’s findings adopted in support of that determination.
(f) Nothing in this section shall require a board to take action as described in this section unless the board determines in good faith that the action described in this section is consistent with the fiduciary responsibilities of the board described in Section 17 of Article XVI of the California Constitution.