The Pennsylvania House State Government Committee recently advanced House Bill 2447, which would provide for divestiture by the state treasurer, the State Employees’ Retirement System, and the Public School Employees’ Retirement System of investments in companies doing business in Russia and Belarus.
“The advancement of this legislation reflects the broad bipartisan support here in Pennsylvania, not just for the people of Ukraine, but for taking serious steps to ensure the Commonwealth’s financial resources do not further Russia’s war effort or global ambitions,” House Majority Leader Kerry Benninghoff (R-Centre/Mifflin), who sponsored the bill, said. “As the Russian and Belarusian governments continue their unprovoked military assault on the people and government of Ukraine, Pennsylvania is continuing to join with the rest of the free world in taking steps that substantively marginalize Vladimir Putin as well as his domestic and geopolitical allies.”
Under the bill, the public funds will have 14 days from the effective date to identify all direct holdings, indirect holdings, and alternative investments of securities with sanctioned Russian or Belarusian companies, and the government of Russia and the government of Belarus. The public fund must then sell, redeem, divest or withdraw from its direct holdings.
The bill now moves to the full House for consideration.