Crossover Day: West Virginia House sends 26 bills to Senate

Of the 28 bills on its agenda Wednesday, the House passed 26. That brings to 251 the total number of bills that have passed the House since the first day of the session on Jan. 11. Of those 251 bills, 26 have completed legislative action, with 14 having already been signed into law by Gov. Jim Justice.

Debate on bills and amendments to them stretched from before 10 a.m. to nearly 4 p.m. Wednesday, with members recessing only long enough to eat lunch and return to the floor.

Among the bills that sparked debate Wednesday was House Bill 2868, dealing with requirements for shareholder voting by the West Virginia Investment Management Board and the Board of Treasury Investments. HB 2868 passed on a 73-23 vote.

The bill would ensure that all shareholder votes by or on behalf of IMB and BTI are cast according to the specific factors that would affect the interests of investment beneficiaries. The bill is aimed at making sure the state doesn’t invest state funds based on environmental, social and corporate governance (ESG) factors.

ESG is a form of investing in companies by financial institutions based on factors that go beyond financial issues. Financial institutions and investors use ESG to determine investment strategies based on a company’s commitment to environment or climate change, social justice, and how a company treats its workforce in areas of equity.

According to a press release, investments through the Board of Treasury Investments outperformed some of the largest private money market funds using ESG investment policies during the last quarter, such as BlackRock, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley.

Supporters of the bill believe it will send a message to companies, financial institutions, and investment firms using ESG to limit or prohibit investments in the fossil fuel industry, including coal and natural gas production in West Virginia.

“If we stop investing in fossil fuels right now, the country will be worse off for it,” said Del. Mark Zatezalo, R-Hancock. “If we lose money in investments because we don’t choose to use people who are against investing in fossil fuels, then I think the country will be worse for the wear.”

“This bill deals with how we would vote or how our financial managers would vote with the shares that we own,” said Del. Daniel Linville, R-Cabell. “We would vote with those shares in the best pecuniary interest…that says all we care about is a return on our investments as we hold shares governing companies.”

Opponents raised concerns about whether the bill will tie the hands of the state’s investment managers for making the best investments for the state’s funds, that the bill would place political concerns over the making the best investments based in financial considerations, and send a bad message to companies thanking of locating in West Virginia.

“I believe there are good intentions behind this bill, but I have concerns about what it would do in practical application,” said Del. Erikka Storch, R-Ohio. “I did speak with the (IMB) staff, and they do not support this ideological proxy voting either. But it’s my concern that this bill may have some unintended consequences. I don’t believe that any of us want to mess with the pensions of our seniors. I think there are significant issues with the bill that have not been fully vetted by its proponents.”

“(The IMB) has done a pretty damn good job of putting us back on top,” said House Finance Committee Chairman Vernon Criss, R-Wood. “Now, we’re wanting to restrict this management board in some kind of policy that has nothing to do with investments. I think this is wrong.”

House Bill 3018, limiting marriage to adults age 18 or older, passed in a 84-13 vote.

HB 3018 would establish that age 18 is the age of consent for marriage. The bill would remove the ability for underage teenagers from obtaining a consent to marry through their parents, legal guardians, or by petition to a circuit court.

Current law allows for teenagers as young as 16 to obtain a marriage license with valid written approval of parents or guardians. With children younger than 16 able to marry with the approval of a circuit court. HB 2018 would not apply for any current marriages where the individuals were underage, nor would it apply to new residents who were married out-of-state under the age of 18.

While the bill passed by a large margin, Del. Keith Marple, R-Harrison, was the only delegate to speak out against the bill.

“If you have consenting parents who agree that these children under 18 should get married if they’re going to be helpful and loving, and if the issue is pregnancy, you’re going to have two sets of grandparents who are going to look after these children and help,” Marple said. “This issue deals with people…people are still going to be doing the same thing whether this bill passes or not.”

Other contested bills included House Bill 2939, prohibiting the filing of liens by municipalities for collection of refuse fees through a use fee against employers or self-employed individuals if they have no physical presence in the municipality. The bill passed 64-34. House Bill 2992, clarifying and updating school bus rules and the types of vehicles covered, passed 75-20. House Bill 3135, modifying the salaries of the governor and state constitutional officers beginning January 1, 2025, passed 73-22.

One bill failed Wednesday. House Bill 3561 would have created the Joint Legislative Committee on Civic Life. The committee would have worked on initiatives to promote “traditional cultural values” for civic life in local communities. The committee would have been allowed to use taxpayer dollars to fund nonprofit groups that promote “family growth, maintenance, and self-sufficiency; and groups that foster self-governance through the creation of new fraternal orders.”