The state House unanimously passed a bill today that would prohibit Pennsylvania's public pension funds from investing in foreign companies that have business connections to Iran and Sudan.
"Investing in companies with ties to terrorist nations puts the Commonwealth's assets at substantial financial risk," said Rep. Josh Shapiro (D., Montgomery) the bill's sponsor. "A company's association with terrorism and human rights abuses undermines the value of our investment in such a company."
The legislation, dubbed the Protecting Pennsylvania's Investments Act, would require the state Treasurer's Office, Public School Employees' Retirement System and State Employees' Retirement System, within 22 months, to end investments in targeted foreign companies with businesses activities in those two nations.
The two pension funds have $664 million currently invested in such companies, Shapiro said.
The House passed the bill 193-0, and it now moves to the state Senate.