Pennsylvania decides to sell its holdings in Russian assets
The Russian invasion of Ukraine prompts Pennsylvania lawmakers to draft a bill to compel the state Treasury Department and the state’s three public pension funds to divest Russia-related assets.
Meanwhile, the state Treasury Department said it began divesting its stakes in all “Russia-based companies” last week. He described the turnouts as “minimal” and expected to complete the process by the end of Monday.
The surrender legislation was drafted Monday in the House by Majority Leader Kerry Benninghoff, R-Center, and in the Senate by State Sen. Sharif Street, D-Philadelphia.
“We have a moral obligation to ensure that our investments in public funds do not inadvertently support those who engage in an unprovoked invasion of their democratically elected neighbors,” Benninghoff said in a memo to House members. .
In 2010, lawmakers demanded divestment from Iran- and Sudan-related investments.
In a memo to fellow senators, Street said the “aggressive and unlawful invasion of Ukraine demands action.”
“We must wield our economic might to ensure that Russia faces serious consequences for its flagrant violations of international law and human cooperation,” Street wrote.
Over the weekend, Pennsylvania ordered the removal of Russian-made goods from state-owned liquor stores and Governor Tom Wolf’s administration lit the Capitol’s facade in the flag’s yellow and blue colors Ukrainian.