,,ii  #aae? ,,congress  #a/ ,session    
,s4 #agj  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,janu>y #ag1 #bjag ,mr4
 ,rubio 7= himself1 ,mr4 ,man*91 ,mr4   
,crapo1 ,mr4 ,nelson1 ,mr4 ,cornyn1 ,mr4
 ,c>d91 ,mr4 ,graham1 ,mr4 ,m55dez1 ,mr4
 ,hat*1 ,mr4 ,wyd51 ,mr4 ,cotton1 ,mr4  
,blum5?al1 ,mr4 ,portman1 ,mr4 ,pet]s1  
,mr4 ,cruz1 ,ms4 ,/ab5[1 ,ms4 ,murk[ski1
 ,mr4 ,b5net1 & ,mr4 ,blunt7 introduc$ !
 foll[+ bill2 :i* 0 read twice & ref]r$ 
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to provide 
= nonpreemption ( measures by ,/ate &   
local gov]nm5ts to dive/ f entities t   
engage 9 comm]ce-relat$ or              
inve/m5t-relat$ boycott1 dive/m5t1 or   
sanctions activities t>get+ ,israel1 & =
 o!r purposes4  #a4 ,%ort title  ,?is   
,act may be cit$ z ! ,combat+ ,,bds ,act
 ( #bjag4  #b4 ,nonpreemption ( measures
 by ,/ate & local gov]nm5ts to dive/ f  
entities t engage 9 c]ta9 boycott1      
dive/m5t1 or sanctions activities t>get+
 ,israel  7a7 ,/ate & local measures    

,not)/&+ any o!r provision ( law1 a     
,/ate or local gov]nm5t may adopt &     
en=ce measures t meet ! requirem5ts (   
subsection 7b7 to dive/ ! assets ( !    
,/ate or local gov]nm5t f1 prohibit     
inve/m5t ( ! assets ( ! ,/ate or local  
gov]nm5t 91 or re/rict contract+ by !   
,/ate or local gov]nm5t = goods &       
s]vices )--  7#a7 an entity t ! ,/ate or
 local gov]nm5t det]m9es1 us+ cr$ible   
in=mation available to ! public1 kn[+ly 
engages 9 a comm]ce-relat$ or           
inve/m5t-relat$ boycott1 dive/m5t1 or   
sanctions activity t>get+ ,israel2  7#b7
 a successor entity or subunit ( an     
entity describ$ 9 p>agraph 7#a72 or     
7#c7 an entity t owns or controls1 is   
own$ or controll$ by1 or is "u common   
own]%ip or control )1 an entity describ$
 9 p>agraph 7#a74  7b7 ,requirem5ts ,a  
,/ate or local gov]nm5t t seeks to adopt
 or en=ce a measure "u subsection 7a7   
%all meet ! foll[+ requirem5ts3  7#a7   
,notice ,! ,/ate or local gov]nm5t %all 
provide writt5 notice to ea* entity to  

:i* a measure "u subsection 7a7 is to be
 appli$4  7#b7 ,tim+ ,! measure %all    
apply to an entity n e>li] ?an ! date t 
is #ij days aft] ! date on :i* writt5   
notice is provid$ to ! entity "u        
p>agraph 7#a74  7#c7 ,opportunity =     
comm5t ,! ,/ate or local gov]nm5t %all  
provide an opportunity to comm5t 9 writ+
 to ea* entity to :i* a measure is to be
 appli$4 ,if ! entity demon/rates to !  
,/ate or local gov]nm5t t ! entity has n
 engag$ 9 a comm]ce-relat$ or           
inve/m5t-relat$ boycott1 dive/m5t1 or   
sanctions activity t>get+ ,israel1 !    
measure %all n apply to ! entity4  7#d7 
,s5se ( ,congress on avoid+ errone\s    
t>get+ ,x is ! s5se ( ,congress t a     
,/ate or local gov]nm5t %\ld n adopt a  
measure "u subsection 7a7 ) respect to  
an entity unless ! ,/ate or local       
gov]nm5t has made e ef=t to avoid       
errone\sly t>get+ ! entity & has v]ifi$ 
t ! entity engages 9 a comm]ce-relat$ or
 inve/m5t-relat$ boycott1 dive/m5t1 or  
sanctions activity t>get+ ,israel4  7c7 

,notice to ,dep>tm5t ( ,ju/ice  7#a7 ,9 
g5]al ,except z provid$ 9 p>agraph 7#b71
 n lat] ?an #cj days aft] adopt+ a      
measure describ$ 9 subsection 7a71 !    
,/ate or local gov]nm5t t adopt$ !      
measure %all submit writt5 notice to !  
,attorney ,g5]al describ+ ! measure4    
7#b7 ,exi/+ measures ,) respect to      
measures describ$ 9 subsection 7a7      
adopt$ be=e ! date ( ! enactm5t ( ?is   
,act1 ! ,/ate or local gov]nm5t t adopt$
 ! measure %all submit writt5 notice to 
! ,attorney ,g5]al describ+ ! measure n 
lat] ?an #cj days aft] ! date ( !       
enactm5t ( ?is ,act4  7d7 ,nonpreemption
 ,a measure ( a ,/ate or local gov]nm5t 
t is consi/5t ) subsection 7a7 is n     
preempt$ by any ,f$]al law4  7e7        
,effective date  ,?is section applies to
 any measure adopt$ by a ,/ate or local 
gov]nm5t be=e1 on1 or aft] ! date ( !   
enactm5t ( ?is ,act4  7f7 ,prior enact$ 
measures  7#a7 ,9 g5]al ,not)/&+ any o!r
 provision ( ?is section or any o!r     
provision ( law1 & except z provid$ 9   

p>agraph 7#b71 a ,/ate or local gov]nm5t
 may en=ce a measure describ$ 9         
subsection 7a7 adopt$ by ! ,/ate or     
local gov]nm5t be=e ! date ( ! enactm5t 
( ?is ,act )\t reg>d to ! requirem5ts ( 
subsection 7b74  7#b7 ,application (    
notice & opportunity = comm5t ,a measure
 describ$ 9 p>agraph 7#a7 %all be       
subject to ! requirem5ts ( subsection   
7b7 on & aft] ! date t is #b ye>s aft] !
 date ( ! enactm5t ( ?is ,act4  7g7     
,rules ( con/ruction  7#a7 ,au?ority (  
,/ates ,no?+ 9 ?is section %all be      
con/ru$ to abridge ! au?ority ( a ,/ate 
to issue & en=ce rules gov]n+ ! safety1 
s\ndness1 & solv5cy ( a f9ancial        
in/itution subject to its jurisdiction  
or ! bus9ess ( insurance pursuant to !  
,act ( ,m>* #i1 #aide 7#ei ,/at4 #cc1   
*apt] #bj2 #ae ,u4,s4,c4 #ajaa et seq47 
7commonly kn[n z ! ,mc,carran-,f]guson  
,act74  7#b7 ,policy ( ! ,unit$ ,/ates  
,no?+ 9 ?is section %all be con/ru$ to  
alt] ! e/abli%$ policy ( ! ,unit$ ,/ates
 conc]n+ f9al /atus issues associat$ ) !

 ,arab-,israeli conflict1 includ+ bord] 
del9eation1 t c only be resolv$ ?r\gh   
direct negotiations betwe5 ! p>ties4    
7#c7 ,scope ( nonpreemption ,no?+ 9 ?is 
section %all be con/ru$ z e/abli%+ a    
basis = preempt+ or imply+ preemption ( 
,/ate measures relat+ to boycott1       
dive/m5t1 or sanctions activity t>get+  
,israel t are outside ! scope (         
subsection 7a74  7h7 ,def9itions ,9 ?is 
section3 7#a7 ,assets  7,a7 ,9 g5]al    
,except z provid$ 9 subp>agraph 7,b71 ! 
t]m assets means any p5sion1 retirem5t1 
annuity1 or end[m5t fund1 or simil>     
in/rum5t1 t is controll$ by a ,/ate or  
local gov]nm5t4  7,b7 ,exception ,! t]m 
assets does n include employee b5efit   
plans cov]$ by title ,i ( ! ,employee   
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajja et seq474    
7#b7 ,boycott1 dive/m5t1 or sanctions   
activity t>get+ ,israel ,! t]m boycott1 
dive/m5t1 or sanctions activity t>get+  
,israel means any activity t is int5d$  
to p5alize1 inflict economic h>m on1 or 

o!rwise limit comm]cial relations )     
,israel or p]sons do+ bus9ess 9 ,israel 
or 9 ,israeli-controll$ t]ritories =    
purposes ( co]c+ political action by1 or
 impos+ policy positions on1 ! ,gov]nm5t
 ( ,israel4  7#c7 ,entity ,! t]m entity 
includes-- 7,a7 any corporation1        
company1 bus9ess association1 p>tn]%ip1 
or tru/2 &  7,b7 any gov]nm5tal entity  
or in/rum5tality ( a gov]nm5t1 includ+ a
 multilat]al developm5t in/itution 7z   
def9$ 9 section #agja7;c77#c7 ( !       
,int]national ,f9ancial ,in/itutions    
,act 7#bb ,u4,s4,c4 #bfbr7c77#c7774     
7#d7 ,inve/m5t ,! t]m inve/m5t          
includes-- 7,a7 a commitm5t or          
contribution ( funds or prop]ty2  7,b7 a
 loan or o!r ext5sion ( cr$it2 &  7,c7 !
 entry into or r5ewal ( a contract =    
goods or s]vices4  7#e7 ,/ate ,! t]m    
,/ate means ea* ( ! sev]al ,/ates1 !    
,di/rict ( ,columbia1 ! ,commonweal? (  
,pu]to ,rico1 ! ,commonweal? ( ! ,nor!rn
 ,m>iana ,isl&s1 ,am]ican ,samoa1 ,guam1
 ! ,unit$ ,/ates ,virg9 ,isl&s1 & any   

o!r t]ritory or possession ( ! ,unit$   
,/ates4  7#f7 ,/ate or local gov]nm5t ,!
 t]m ,/ate or local gov]nm5t includes-- 
7,a7 any ,/ate & any ag5cy or           
in/rum5tality !re(2  7,b7 any local     
gov]nm5t )9 a ,/ate & any ag5cy or      
in/rum5tality !re(2 &  7,c7 any o!r     
gov]nm5tal in/rum5tality ( a ,/ate or   
locality4  #c4 ,safe h>bor = *anges (   
inve/m5t policies by asset manag]s      
,section #ac7;c77#a7 ( ! ,inve/m5t      
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#ac7;c77#a77 is am5d$--  7#a7 9   
subp>agraph 7,a71 by /rik+ 2 or & ins]t+
 a semicolon2  7#b7 9 subp>agraph 7,b71 
by /rik+ ! p]iod at ! end & ins]t+ 2 or2
 &  7#c7 by add+ at ! end ! foll[+3     
7,c7 engage 9 any boycott1 dive/m5t1 or 
sanctions activity t>get+ ,israel       
describ$ 9 section #b ( ! ,combat+ ,,bds
 ,act ( #bjag4  4