Divesting from Iran

Assembly Bill 221 (Joel Anderson, R-El Cajon) will be heard tomorrow by the California Assembly Judiciary Committee. 

The bill would extend the existing prohibition of investment by California pension funds in companies with active business operations in Sudan to companies with business operations in Iran involved in the defense, oil, nuclear, or natural gas sectors of Iran, or Iranian organizations labeled as terrorist organizations by the State Department. It is estimated that California currently has approximately $24 billion of taxpayer-funded retirement dollars invested in companies with ties to Iran.

Doris Wise Montrose, Nurit Greenger and Michael Mandaville have explained why investments in such companies do not meet the basic criteria for safe investment of pension funds in Doubt . . . or Debt?

Please consider emailing your support of A.B. 221 to the members of the Judiciary Committee before the end of the day, including your address, with a copy to Assemblymember Anderson.

TO:  Chair Dave Jones, Vice Chair Van Tran, and Committee Members Anthony Adams, Noreen Evans, Mike Feuer, Rick Keene, Paul Krekorian, John Laird, and Sally Lieber:

Assemblymember.jones@assembly.ca.gov

Assemblymember.tran@assembly.ca.gov

Assemblymember.Adams@assembly.ca.gov

Assemblymember.Evans@assembly.ca.gov

Assemblymember.Feuer@assembly.ca.gov

Assemblymember.keene@assembly.ca.gov

Assemblymember.Krekorian@assembly.ca.gov

Assemblymember.laird@assembly.ca.gov

Assemblywoman.lieber@assembly.ca.gov

Please support A.B. 221 (Anderson) when it comes before your committee on April 24, 2007.  Existing law precludes the investment of state pension funds in companies doing business in Sudan.  A.B. 221 would extend that prohibition to companies doing business in Iran with state controlled entities or terrorist organization.  Such companies are not a proper place to invest California funds.

Rick Richman

Jewish Current Issues 

Los Angeles, California

cc.  AssemblymemberAnderson@assembly.ca.gov