|
|
FOR IMMEDIATE RELEASE |
|
State
Rep. Josh Shapiro |
|
Shapiro leads panel discussion on legislation targeting terrorists
PITTSBURGH, March 7 – State Rep. Josh Shapiro, D-Montgomery, led a panel discussion last night on terror-free investing hosted by the Jewish Federation of Pittsburgh’s Iran Task Force. The discussion focused on the differences between broad-based divestment and more limited divestment efforts that target smaller economic sectors or regions.
Shapiro has sponsored legislation (H.B. 1085, H.B. 1086 and H.B. 1087) that would prohibit the State Employees’ Retirement System, the Pennsylvania Office of the Treasurer and the Public School Employees’ Retirement System, respectively, from investing in companies that do business with nations listed by the U.S. State Department as sponsors of terrorism. The legislation would allow for investment in companies and organizations that are providing humanitarian aid.
Shapiro was joined by Florida state Sen. Ted Deutch and Roger Robinson, president of Conflict Securities Advisory Group. Deutch was the prime sponsor of a limited divestment bill that divested Florida from any company that has more than $20 million per year in activity in Iran’s petroleum sector. Last year, Robinson announced that CSAG had collaborated with the FTSE Group, a global indexing company, to provide a terror-free index of stocks. The index excludes companies which have active and current business ties in or with state sponsors of terror.
“We must win the war on terror. Unfortunately, we are not using all of the economic tools at our disposal on the state level to support our military and diplomatic efforts,” Shapiro said. “Collectively, these three agencies invest over $111 billion each year. By ensuring that none of this money goes to companies that do business with terrorists, we could have a positive impact on the war on terror.”
Shapiro said his legislation would give teeth to the statement that government is doing all it can to fight the war on terror by targeting and isolating those who encourage terrorism around the world.
“I believe we have a responsibility to use the economic tools we possess at the state level to help win the war on terror,” Shapiro said.
Shapiro is deputy speaker of the Pennsylvania House of Representatives and represents the 153rd Legislative District in Montgomery County. For more information about Shapiro, please visit www.pahouse.com/shapiro.
###mds/2008/mjh l:\print\releases\TerrorHearing.153