The Texas House passed a bill that would require the state's pension funds to stop investing in firms that plan to divest in some form from fossil-fuel companies.
The state's House of Representatives voted 92-51 in favor of the bill Monday after the Senate had approved the bill 26-4 on April 15.
The bill calls for the state's comptroller to "prepare and maintain, and provide to each state governmental entity, a list of all companies that boycott energy companies." The state's asset owners would be required to notify those companies of their inclusion on the list and given 90 days to amend their positions.
If those opinions are not changed in 90 days, the state funds would "shall sell, redeem, divest, or withdraw all publicly traded securities of the company."
Madi Biedermann, spokeswoman for Gov. Greg Abbott, could not immediately provide further information whether Mr. Abbott plans to sign the bill.
The funds cited in the bill include the $155.2 billion Texas Teacher Retirement System, $35.7 billion Texas County & District Retirement System, $35.2 billion Texas Permanent School Fund, $31.5 billion Texas Municipal Retirement System, $30.9 billion Texas Employees Retirement System, $116 million Texas Emergency Services Retirement System, all based in Austin.
Teacher Retirement System spokesman Rob Maxwell declined to comment. Officials at Texas Permanent School Fund and Shirley Hays, executive director of the emergency services system, could not be immediately reached to provide a comment.
Michelle Mellon-Werch, spokeswoman for the Texas Municipal system, and a Texas County & District spokesman, could not immediately provide a comment.
Mary Jane Wardlow, ERS spokeswoman, said in an email the system does not comment on pending legislation.
Texas is the largest provider and refiner of crude oil in the U.S., according to the non-profit Texas Economic Development Corp.