SB221 • 2026

RESTRICTING STATE FUND FIDUCIARY

An Act restricting a fiduciary of a state fund, the Alaska Retirement Management Board, and the Alaska Permanent Fund Corporation Board from investing or doing business with DigitalBridge Group, Inc., or an affiliate of DigitalBridge Group, Inc.

Budget Taxes

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: SENATORS STEDMAN, Gray-Jackson, Giessel
Last action: 2026-04-30
Official status: (S) FIN
Effective date: Not listed

Plain English Breakdown

Checked against official source text during the last sync.

Restricting Investments in Certain Companies

This act stops certain Alaska government boards and the fiduciary of state funds from investing money with a specific company called DigitalBridge Group or its related companies.

What This Bill Does

It prevents the fiduciary of any state fund from putting money into DigitalBridge Group, Inc., or its affiliates.
The act stops the Alaska Retirement Management Board from doing business with DigitalBridge Group, Inc., or its affiliates.
It also bans the Alaska Permanent Fund Corporation Board from investing in DigitalBridge Group, Inc., or its affiliates.
The commissioner of revenue cannot invest money in a special subaccount within the budget reserve fund with DigitalBridge Group, Inc., or its affiliates.

Who It Names or Affects

Fiduciaries of state funds
Alaska Retirement Management Board members
Alaska Permanent Fund Corporation Board members

Terms To Know

fiduciary: A person or organization that manages money for someone else, like a government fund.
affiliate: Another company owned by the same parent company as DigitalBridge Group, Inc.

Limits and Unknowns

The bill does not specify what happens if these organizations violate the restrictions.
It is unclear how this restriction will affect existing investments with DigitalBridge Group or its affiliates.

Bill History

2026-04-30 Min
(S) Minutes (SFIN)
2026-04-30 Text
(S) -- Invited & Public Testimony -- -- Please Note Time Change --
2026-04-30 Text
(S) FINANCE at 01:30 PM SENATE FINANCE 532
2026-01-23 1521
(S) COSPONSOR(S): GRAY-JACKSON, GIESSEL
2026-01-21 1489
(S) REFERRED TO FINANCE
2026-01-21 1489
(S) FIN
2026-01-21 1489
(S) READ THE FIRST TIME - REFERRALS

Official Summary Text

RESTRICTING STATE FUND FIDUCIARY
An Act restricting a fiduciary of a state fund, the Alaska Retirement Management Board, and the Alaska Permanent Fund Corporation Board from investing or doing business with DigitalBridge Group, Inc., or an affiliate of DigitalBridge Group, Inc.

Current Bill Text

Read the full stored bill text

SB0221A -1- SB 221
New Text Underlined [DELETED TEXT BRACKETED]

34-LS1159\A

SENATE BILL NO. 221

IN THE LEGISLATURE OF THE STATE OF ALASKA

THIRTY-FOURTH LEGISLATURE - SECOND SESSION

BY SENATORS STEDMAN, Gray-Jackson, Giessel

Introduced: 1/21/26
Referred: Finance

A BILL

FOR AN ACT ENTITLED

"An Act restricting a fiduciary of a state fund, the Alaska Retirement Management 1
Board, and the Alaska Permanent Fund Corporation Board from investing or doing 2
business with DigitalBridge Group, Inc., or an affiliate of DigitalBridge Group, Inc." 3
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 4
* Section 1. AS 37.10.071 is amended by adding a new subsection to read: 5
(g) The fiduciary of a state fund may not invest state funds with or do business 6
in its fiduciary capacity with DigitalBridge Group, Inc., or an affiliate of DigitalBridge 7
Group, Inc. 8
* Sec. 2. AS 37.10.220 is amended by adding a new subsection to read: 9
(d) The board may not invest state funds or do business with DigitalBridge 10
Group, Inc., or an affiliate of DigitalBridge Group, Inc. 11
* Sec. 3. AS 37.10.430(c) is amended to read: 12
(c) A special subaccount is established in the budget reserve fund (art. IX, sec. 13
17, Constitution of the State of Alaska). Money in the subaccount shall be invested to 14
34-LS1159\A
SB 221 -2- SB0221A
New Text Underlined [DELETED TEXT BRACKETED]

yield higher returns than might be feasible to obtain with other money in the budget 1
reserve fund. In establishing or modifying the investment policy for the subaccount in 2
the constitutional budget reserve fund, the commissioner of revenue shall assume that 3
those funds will not be needed for at least five years. The commissioner of revenue 4
may not invest money in the subaccount with DigitalBridge Group, Inc., or an 5
affiliate of DigitalBridge Group, Inc. Income earned on money in the subaccount 6
shall be retained in the subaccount by the department. 7
* Sec. 4. AS 37.13.120 is amended by adding a new subsection to read: 8
(f) The board may not invest state funds or do business with DigitalBridge 9
Group, Inc., or an affiliate of DigitalBridge Group, Inc. 10