FLORIDA HOUSE & SENATE VOTE TO DIVEST FL STATE PENSION FUND OF IRAN AND SUDAN PETROLEUM ENERGY INVESTMENTS

Florida has the 4^th largest pension fund in the US and is now the first state in the nation to legislate divestment of its pension fund holdings from Iran as well as from the government of Sudan. House Bill (HB) 703 and Senate Bill (SB) 2142 calls for the State Board of Administration and the Board of Trustees to leverage the approximately $150-billion in Florida’s pension fund by ending investment in companies doing business with the petroleum energy sector in Iran and the government of Sudan.

Governor Charlie Christ is expected to sign it into law, requiring review of holdings in companies invested in Iran’s energy sector or in companies with business ties to the government of Sudan and to divest these holdings with review as well of holdings in mutual and index funds or other commingled investments, and identify ways to create alternative funds without holdings in these companies. A quarterly compliance report of all state pension holdings and actions taken will be required to be submitted to the state legislature.

Senator Ted Deutch said, “Our colleagues here understood that Florida has the opportunity to bring all 50 states onboard to stop genocide and prevent terror.” He further said, “Not one Florida worker’s dollar should fund either Iran’s quest for nuclear weapons which will be trained on our nation and our troops, or the genocide of a people trapped in the turmoil of the Sudan.” House Deputy Majority Leader Adam Hausner said, “We cannot invest Floridians’ pension funds in companies that are propping up countries that support terrorist… Florida is sending more than a message – this will lead a nationwide effort.”