One of the bills I flagged back in January, HB 1378, has passed both houses and is on its way to the governor to become law. The simple explanation of this bill is that the Indiana Public Retirement System is directed to make a list of businesses that attempt to inflict economic harm on Israel and, if those businesses do not respond positively to a cease and desist notice, INPRS is prohibited from investing in those companies.
It doesn’t necessarily sound awful when described in those terms, but the language in the bill is very encompassing. By the terms of the bill, a business is eligible for the list if you engage in “inaction that acquiesces in an effort by another person to limit commercial relations with businesses in Israel.” A business could be anything from a sole proprietorship to a multi-national corporation.
This looks like it may be a First Amendment lawsuit waiting to happen. I suppose you don’t have a right to have INPRS invest in you. But, if they engage in viewpoint discrimination — withdrawing funds, not because you’re a bad investment, but because of your views on Israeli policy, it seems like that could run afoul of the First Amendment.