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FOR IMMEDIATE RELEASE |
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State
Rep. Matt Smith D-
Allegheny
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Smith hails passage of bill to divest Pa. funds from Iran, Sudan
HARRISBURG, Dec. 9 – State Rep. Matt Smith, D-Allegheny, praised this week's state House passage of legislation that he co-sponsored that would divest Pennsylvania's pension funds from companies doing business with state sponsors of terror.
The bill (H.B. 1821) would require that Pennsylvania's state employee and state-related employee pension fund investments be withheld from foreign companies that are helping the Sudanese government perpetuate genocide, as well as those helping the Iranian government sponsor terrorism. Those pension funds included are those from the Public School Employees' Retirement System, State Employees' Retirement System and Pennsylvania Municipal Retirement System. 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.
PSERS and SERS have identified holdings totaling more than $650 million that are directly invested in targeted companies that have significant business activities in Iran or Sudan.
"We must use all of our influence and power of the purse with respect to Iran to alter the behavior of that government and apply pressure in every manner possible," Smith said. "With regard to Sudan, the U.S. government has labeled the ongoing atrocities and human rights crises as genocide, and we must use all influence possible to ensure that Pennsylvania tax dollars are not supporting companies with ties to Sudan.
"I believe it is morally and socially imperative to refrain from supporting the human rights abuses that consistently occur in these countries, and it is important for us as state government leaders to ensure that our investments and pension funds only support those companies that engage in responsible behavior which does not directly conflict with the values and ideals that the United States projects around the globe."
Smith said 18 other states have already either enacted Iran divestment legislation or adopted policies to the same effect.
"I am hopeful that the state Senate will take action soon and join in the effort to ensure that tax dollars are used in the most appropriate and responsible manner," Smith said.
The bill now moves to the state Senate for consideration.