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Bill that would divest certain Pa. funds from terrorist nations sent to full House

HARRISBURG, May 25 – State Rep. Babette Josephs said the House State Government Committee today reported out a bill that would require the Commonwealth to pull its state pension investments out of companies that do business in the energy and military equipment sectors with the governments of Iran and Sudan.

"While as public officials, many of us do not have the expertise to invest wisely for the benefit of pensioners and the people of Pennsylvania, elected people are the ones that citizens look to when things go wrong," Josephs said. "We are accountable to the voters and taxpayers, and we must be the ones to set policy.

"Divesting from terror and genocide is a fiscally sound public policy and it is the right thing to do. I am gratified to have the unanimous bipartisan vote of all my committee members."

The bill would require the withholding of Pennsylvania's pension fund investments in the Public Employees' Retirement System, State Employees' Retirement System and Pennsylvania Municipal Retirement System from foreign companies in the energy and military equipment sectors that are helping the Sudanese government continue genocide and the Iranian government sponsor terrorism. The bill would also put the same restrictions on the State Treasurer's Office.

Together, these entities have identified holdings -- 0.003 percent of their total investments -- that are currently invested in targeted companies doing significant business within Iran or Sudan.

Josephs said that this bill is similar to a bill she authored that the House passed in 2007. At that time, the Senate failed to consider the legislation, but she has been working with Sen. Michael Stack, sponsor of the current legislation (S.B. 928), to get the legislation enacted.

Currently, 28 states have either passed divestment laws or divested from Iran, Sudan or both through executive orders.

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