2022-03-16                     House Journal                      Page 2131
HB 401                                                                                                                        
HOUSE BILL NO. 401 by the House Rules Committee by request of                                                                   
the Governor, entitled:                                                                                                         
                                                                                                                                
     "An Act relating to certain investments of state funds in the                                                              
     Russian Federation and financial institutions profiteering from the                                                        
     Russian Federation's invasion of Ukraine; providing indemnity                                                              
     and immunity for certain investment actions taken in compliance                                                            
     with law; and providing for an effective date."                                                                            
                                                                                                                                
was read the first time and referred to the State Affairs and Finance                                                           
Committees.                                                                                                                     

2022-03-16                     House Journal                      Page 2132
The following fiscal note(s) apply:                                                                                             
                                                                                                                                
1.  Indeterminate, Dept. of Revenue                                                                                             
                                                                                                                                
The Governor's transmittal letter dated March 15 follows:                                                                       
                                                                                                                                
"Dear Speaker Stutes:                                                                                                           
                                                                                                                                
Under the authority of Article III, Section 18, of the Alaska                                                                   
Constitution, I am transmitting a bill relating to the State of Alaska's                                                        
financial investments in the Russian Federation, and financial                                                                  
institutions profiteering from the Russian Federation's invasion of                                                             
Ukraine. This bill also provides indemnity and immunity for state                                                               
officials or state fund fiduciaries, or individuals acting at the direction                                                     
of these individuals, for good faith actions taken to comply with the                                                           
bill.                                                                                                                           
                                                                                                                                
Given the gravity of the Russian Federation's invasion of Ukraine, this                                                         
bill provides a framework for the State of Alaska and certain state                                                             
funds to divest from assets, companies, or financial institutions that                                                          
support the Russian Federation's invasion of Ukraine or are unfairly                                                            
profiting from that action. Passage of this bill ensures that the State of                                                      
Alaska is not directly or indirectly supporting the Government of                                                               
Russia in its war efforts.                                                                                                      
                                                                                                                                
Furthermore, it is unconscionable that for-profit institutions can                                                              
engage in an international divestment lobbying effort on resource                                                               
development projects in Alaska while simultaneously seeking                                                                     
enrichment from totalitarian actions elsewhere in the world. If a                                                               
financial institution wishes to plant its proverbial flag on the grounds                                                        
of responsible and moral investing while surreptitiously padding its                                                            
balance sheet on the backs of humanitarian disaster and overt                                                                   
environmental degradation, those firms should not have the benefit of                                                           
the State of Alaska's business.                                                                                                 
                                                                                                                                
I urge your prompt and favorable action on this measure.                                                                        
                                                                                                                                
Sincerely,                                                                                                                      
/s/                                                                                                                             
Mike Dunleavy                                                                                                                   
Governor"