HARRISBURG – Noting substantial investor losses of private funds invested in Russia and Belarus following the invasion of Ukraine, Rep. Clint Owlett of Tioga & Bradford Counties plans to introduce legislation requiring an examination of geopolitical risk be conducted as part of the investment analysis when the PA Treasury or PA’s public pension funds invest in the financial assets in foreign countries. Combined the Treasury and public pension funds invest $150 billion in taxpayer assets. Owlett said while the state has done the right thing by recently divesting itself of Chinese financial assets and assets connected to other hostile nations like Iran, Sudan, Russia and Belarus, an ever-forward looking approach should be instituted so we can avoid a huge ripple effect when foreign investments tank because of rapidly changing geopolitical circumstances. The legislation would also require an annual report be compiled by the public investment funds and sent to the General Assembly outlining investments in foreign nations. He is circulating a co-sponsorship memo seeking support.

REP. CLINT OWLETT