|
Bill Calls for Divestment of Public Resources from Companies Doing Business in Iran
Washington, D.C. – Today, the D.C. Council unanimously approved B17-0657, the “Prohibition of the Investment of Public Funds in Certain Companies Doing Business with the Government of Iran Act of 2008.” The bill, authored by Councilmember David Catania (At-Large), requires the District of Columbia’s Retirement Board to remove direct investments in companies that invest heavily in Iran.
“I am pleased that the Council has approved this measure today,” said Catania. “The political and economic climate in Iran poses too much risk to our public assets. It will serve us well to remove our pension funds from this environment.”
Iran tops the State Department’s list as a state sponsor of terrorism, and is widely considered a threat to our national security. To date, 15 states, including Florida, California, Illinois, Ohio and Texas have passed legislation to divest public assets from companies that do business in Iran. The Council’s action today will place the District among these states that have recognized the risk of investing their public funds in companies that invest in Iran. Unlike several other states, however, the legislation authored by Catania requires District pension fund managers to comply with the new law only to the extent that it does not conflict with their fiduciary responsibility to District pensioners.
For more information, please contact the Office of Councilmember David Catania at (202) 724-7772.
### |
