A Federal law or regulation, including this Act, shall not preempt any measure of a State or local government authorized under subsection (b). (g) Effective date (1) In general Except as provided in paragraph (2) or subsection (h), this section applies to measures adopted by a State or local government before, on, or after the date of the enactment of this Act. (2) Notice requirements Except as provided in subsection (h), subsections (d) and (e) apply to measures adopted by a State or local government on or after the date of the enactment of this Act. (h) Authorization for prior enacted measures (1) In general Notwithstanding any other provision of this section or any other provision of law, a State or local government may enforce a measure (without regard to the requirements of subsection (d), except as provided in paragraph (2)) adopted by the State or local government before the date of the enactment of this Act that provides for the divestment of assets of the State or local government from, or prohibits the investment of the assets of the State or local government in, any person that the State or local government determines, using credible information available to the public, engages in investment activities in the People’s Republic of China (determined without regard to subsection (c)) or other business activities in the People’s Republic of China that are identified in the measure. (2) Application of notice requirements A measure described in paragraph (1) shall be subject to the requirements of paragraphs (1) and (2) and the first sentence of paragraph (3) of subsection (d) on and after the date that is 2 years after the date of the enactment of this Act. (i) Definitions In this section: (1) Assets (A) In general Except as provided in subparagraph (B), the term assets refers to public monies and includes any pension, retirement, annuity, or endowment fund, or similar instrument, that is controlled by a State or local government. (B) Exception The term assets does not include employee benefit plans