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FOR IMMEDIATE RELEASE |
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State Rep.
Josh Shapiro |
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Terror-free investing bill goes to governor's desk
Prohibits
state funds from investing in foreign companies with ties to terrorist nations
HARRISBURG, June 22 – The state House unanimously passed legislation today to prohibit Pennsylvania’s public pension funds from investing in foreign companies with significant business ties to Iran and Sudan. The bill (S.B. 928) is now on its way to the governor’s desk to be signed into law.
The Protecting Pennsylvania's Investments Act would require the state Treasurer's Office, Public School Employees' Retirement System, State Employees' Retirement System, and Pennsylvania Municipal Retiree System to end investments within 36 months in targeted foreign companies who have businesses activities in Iran or Sudan.
"State-sponsored divestment is an important part of our national security and our retiree security. Exposing retiree pensions to the geopolitical risk in Iran and Sudan undermines their financial security, supports terror and genocide, and puts the Commonwealth’s assets at substantial financial risk." said Shapiro. "The bottom line is: if you want to do business with the Commonwealth then you'd better sever your ties with these terrorist nations."
Shapiro has been leading the effort to divest Pennsylvania’s pension funds from companies doing business with state sponsors of terror since his election to the House in 2004. Shapiro has also led the Tobacco Settlement Fund to invest terror-free through the passage of a resolution in February 2009 that prohibits Pennsylvania’s Tobacco Settlement Investment Board from investing in foreign companies tied to Iran and Sudan.
Shapiro continued, "This bill requires Pennsylvania to divest the nearly $400 million it directly invests in foreign companies doing business in Iran and Sudan. Leveraging the Commonwealth's economic power together with national and international sanctions will help further isolate our enemies and bolster our allies."
Shapiro represents the 153rd Legislative District in Montgomery County. For more information, visit www.pahouse.com/Shapiro.
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