Florida law targets Venezuela, but will have limited impact

Posted at 1:23 AM, Mar 29, 2018
and last updated 2018-03-28 21:26:54-04

TALLAHASSEE, Fla. (AP) - Florida is placing more limits on Venezuela, although a new law signed by Gov. Rick Scott will have little practical effect.

Scott on Wednesday signed a bill that bars the state from investing in companies that do business with the government of Venezuela in violation of federal law. The state does not currently invest in any companies that violate federal law, so the bill would not force the state to divest assets.

Last year, Scott pushed to bar the state's $150 billion pension plan from making future investments that directly support the regime of President Nicolas Maduro. The new law (HB 359) puts that policy into state law and extends it to all state agencies.

These limits would not stop the state from investing in a company that does business inside the country of Venezuela.