HARRISBURG -- Companies doing business with the much-criticized regimes in Sudan and Iran should not expect any investments from state pension funds.
The state House unanimously passed a bill Tuesday that bans a state employee pension fund and a public teachers fund from investing in companies that do substantial business with the two countries. The bill was sponsored by Rep. Josh Shapiro, D-Montgomery, who said he's worked on the issue for six years.
"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," Rep. Matt Smith, D-Mt. Lebanon, 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.''
Rep. Dan Frankel, D-Squirrel Hill, said it is important to take "every non-military step we can" with Iran, including ensuring that no state pension fund dollars make it to the country.
In regard to Sudan, Mr. Frankel said, "Pennsylvania has the opportunity to make a difference as part of a larger community of state and local governments that are divesting from companies with ties to Sudan."
The bill is expected to be signed by Gov. Ed Rendell.
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