“(a) Sense of Congress.—It is the sense of Congress that the United States Government should support the decision of any State or local government to divest from, or to prohibit the investment of assets of the State or local government in, a person that the State or local government determines poses a financial or reputational risk.
“(b) Authority To Divest.—Notwithstanding any other provision of law, a State or local government may adopt and enforce measures that meet the requirements of subsection (e) to divest the assets of the State or local government from, or prohibit investment of the assets of the State or local government in, persons that the State or local government determines, using credible information available to the public, are conducting or have direct investments in business operations described in subsection (d).
“(c) Notice to Department of Justice.—Not later than 30 days after adopting a measure pursuant to subsection (b), a State or local government shall submit written notice to the Attorney General describing the measure.
“(d) Business Operations Described.—“(1) In general.—Business operations described in this subsection are business operations in Sudan that include power production activities, mineral extraction activities, oil-related activities, or the production of military equipment.
“(2) Exceptions.—Business operations described in this subsection do not include business operations that the person conducting the business operations can demonstrate—“(A) are conducted under contract directly and exclusively with the regional government of southern Sudan;
“(B) are conducted under a license from the Office of Foreign Assets Control, or are expressly exempted under Federal law from the requirement to be conducted under such a license;
“(C) consist of providing goods or services to marginalized populations of Sudan;
“(D) consist of providing goods or services to an internationally recognized peacekeeping force or humanitarian organization;
“(E) consist of providing goods or services that are used only to promote health or education; or
“(F) have been voluntarily suspended.
“(e) Requirements.—Any measure taken by a State or local government under subsection (b) shall meet the following requirements:“(1) Notice.—The State or local government shall provide written notice and an opportunity to comment in writing to each person to whom a measure is to be applied.
“(2) Timing.—The measure shall apply to a person not earlier than the date that is 90 days after the date on which written notice is provided to the person under paragraph (1).
“(3) Applicability.—The measure shall not apply to a person that demonstrates to the State or local government that the person does not conduct or have direct investments in business operations described in subsection (d).
“(4) Sense of congress on avoiding erroneous targeting.—It is the sense of Congress that a State or local government should not adopt a measure under subsection (b) with respect to a person unless the State or local government has made every effort to avoid erroneously targeting the person and has verified that the person conducts or has direct investments in business operations described in subsection (d).
“(f) Definitions.—In this section:“(1) Investment.—The ‘investment’ of assets, with respect to a State or local government, includes—“(A) a commitment or contribution of assets;
“(B) a loan or other extension of credit of assets; and
“(C) the entry into or renewal of a contract for goods or services.
“(2) Assets.—“(A) In general.—Except as provided in subparagraph (B), the term ‘assets’ refers to public monies and includes any pension, retirement, annuity, or endowment fund, or similar instrument, that is controlled by a State or local government.
“(B) Exception.—The term ‘assets’ does not include employee benefit plans covered by title I of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.).
“(g) Nonpreemption.—A measure of a State or local government authorized under subsection (b) is not preempted by any Federal law or regulation.
“(h) Effective Date.—“(1) In general.—Except as provided in paragraph (2), this section applies to measures adopted by a State or local government before, on, or after the date of the enactment of this Act [Dec. 31, 2007].
“(2) Notice requirements.—Subsections (c) and (e) apply to measures adopted by a State or local government on or after the date of the enactment of this Act.