A bill sponsored by Senator Robert Singer, R-30, that directs the Division of Investment in the Department of Treasury not to invest pension or annuity funds in foreign companies doing business in Iran was approved by the Senate. It also requires the division to consult with an independent research firm that specializes in global securities and to take action to sell, redeem, divest, or withdraw any investment in violation of the provisions of this bill.
“This legislation is similar to other bills we’ve sponsored in New Jersey such as divesting from South Africa and most recently in the Sudan to demonstrate that New Jersey will not use taxpayer dollars to fund rogue regimes that abuse human rights,” said Singer.
Iran has continued its efforts to enrich uranium and has declared that it will not stop plans to develop a nuclear program which could lead to the making of nuclear weapons. It’s also believed that Iran is supporting the militant insurgency in Iraq. In addition, several people who have recently visited Iran are being held hostage or are missing.
“Iran has made no efforts to compromise with the world community on the issue of nuclear weapons,” said Singer. “Divesting is a key component of preventing Iran from having the funding needed to obtain or develop a nuclear weapon, and may also be a catalyst for Iran to rethink its current policy.”
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September 19, 2008
