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House passes bill to prevent state investments in terrorism

HARRISBURG, Dec. 7 – State Rep. Babette Josephs said the Pennsylvania House of Representatives today passed a bill she co-sponsored that would require the Commonwealth to pull its state pension investments out of companies that do significant business with the governments of Sudan and Iran.

The bill calls for the withholding of Pennsylvania's pension fund investments in the Public School Employees' Retirement System, State Employees' Retirement System and Pennsylvania Municipal Retirement System from foreign companies that are helping the Sudanese government perpetuate genocide and the Iranian government sponsor terrorism. U.S. companies are already prohibited from such investments. The bill also would put the same restriction into law for the state Treasurer's Office.

Together, these entities have identified holdings with a total value of nearly $700 million that are currently directly invested in targeted companies that have significant business activities in Iran or Sudan.

"Investing in such irresponsible companies not only can pose immediate risks to Pennsylvania's funds, it also can threaten their long-term value," Josephs said. "The Commonwealth has a fiduciary responsibility to its citizens to ensure that investments made for our public funds enhance the bottom line for their beneficiaries, and socially responsible investing will help do that."

Today's House-passed bill is similar to one that Josephs introduced last session, which also passed the House, but died in the Senate when the two-year legislative session ended last November.

"It is our moral and social responsibility to speak out against these atrocities and do what we can to help," she said. "The Sudanese president has turned against civilians by not only using bullets, but with hunger, rape and fear. Applying economic pressure is an effective tool to use in making our voices heard."

The bill (H.B. 1821) now goes to the Senate for consideration.

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