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HB 1585 · 2026 · House · Executive Departments and Administration Committee

ESG investing limits for pensions

AI-generated

relative to environmental, social, and governance-related investment strategies by the state retirement system.

Requires state and local public retirement systems to discharge their duties solely in the financial interest of participants and beneficiaries.AI-generated

Status

Referred to interim study (House) · February 19, 2026
  1. ✓Introduced
  2. ✕House
  3. Senate
  4. Governor
  5. Law

Analysis

This bill requires state and local public retirement systems to discharge their duties solely in the financial interest of the participants and beneficiaries.

From the bill's official ANALYSIS section.

In the bill's words

Quoted verbatim from the bill as introduced. Passages chosen from the operative text.Computed by this site

““Fiduciary commitment" means any purpose or motive of a fiduciary in managing a portfolio or the investment of state funds.”
RSA 5-E:1
“In making, managing, and supervising investments of the reserve fund of a public retirement system, an investment manager, fiduciary, or board of trustees shall discharge its duties solely in the financial interest of the participants and beneficiaries for the exclusive purposes of:”
RSA 5-E:2
“This chapter, or any contract subject to this chapter, may be enforced by the attorney general.”
RSA 5-D:3
““Financial factor” means a factor that can be objectively demonstrated, with clear and quantifiable evidence, to have a direct and material impact on the risk or return of an investment over the applicable investment horizon, consistent with the system’s investment objectives and funding policy.”
RSA 100-A:59

Official record

Bill page — docket & status

gc.nh.gov · the authoritative source

Sponsors

Rep. Keith AmmonRPrimeMajority Floor Leader
  • Rep. Lisa PostRClerk· Commerce and Consumer Affairs

Also: Rep. Jim KofaltR, Rep. Julie MilesR, Sen. Tim McGoughR

Public testimony

12 signed in online · 3 wrote testimony

25% support75% oppose0% neutral

In their wordsVerbatim, exactly as submitted

“Testimony Against HB 1585: HB 1585 is a misleading attempt to frame restrictions on Environmental, Social, and Governance (ESG) considerations as a means of fiduciary protection.…”
— Georgina Lambert, Belmontopposes
“AFT-NH opposed HB 1585. We feel that the NH Retirement System should invest in a manner that will bring the best returns while minimizing risks.…”
— Debrah Howes, Bow · American Federation of Teachers - NHopposes
“HOUSE EXECUTIVE DEPARTMENTS AND ADMINISTRATION COMMITTEE NH STATE EMPLOYEES’ ASSOCIATION WRITTEN TESTIMONY IN OPPOSITION TO: HB 1585-FN - AN ACT relative to environmental, social, and governance-related investment strategies by the state retirement system Submitted by: Rich…”
— Rich Gulla, Concord · NH State Employees' Associationopposes

Verbatim excerpts of submitted testimony, quoted from the testimony tool.

Read the testimony · as of Aug 12, 2026

Votes

yeanay
Starting text: Bill as introduced
  • Feb 11, 2026HouseCommittee report· consent calendar: Refer for Interim Study14–0
    Overall
    100% yea
  • Feb 19, 2026HouseVoice voteRefer for Interim Studyadopted

Hearings and debates

  • Jan 14, 2026Public hearingHouse Executive Departments and Administration24:12–37:1213mlocated in the stream transcriptPublic Hearing
  • Feb 4, 2026Public hearingHouse Executive Departments and AdministrationWatchnot located in the transcript — opens the full streamFull Committee Work Session
  • Feb 11, 2026Public hearingHouse Executive Departments and Administration19:46–22:382m 52slocated in the stream transcriptCommittee Report: Refer for Interim Study; Executive Session
  • Feb 19, 2026Floor debateHouse floorWatchnot located in the transcript — opens the full streamRefer for Interim Study — adopted, voice vote

Timestamps locate where this bill is taken up in the chamber's YouTube stream.

Legislative history

  1. Jan 7, 2026HouseIntroduced 01/07/2026 and referred to Executive Departments and Administration HJ 1 P. 27
  2. Jan 14, 2026HousePublic Hearing: 01/14/2026 10:10 am GP 231
  3. Feb 4, 2026HouseFull Committee Work Session: 02/04/2026 11:00 am GP 231
  4. Feb 11, 2026HouseExecutive Session: 02/11/2026 10:00 am GP 231
  5. Feb 11, 2026House: Refer for Interim Study 02/11/2026 (Vote 14-0; CC) HC 7 P. 13
  6. Feb 19, 2026HouseRefer for Interim Study: MA VV 02/19/2026 HJ 5 P. 19

Coverage

No reporting linked yet.

Documents (PDF)

Bill text & amendments link direct to gc.nh.gov; committee reports stream from the state record.