A resolution introduced in the state House of Representatives Monday would encourage Pennsylvania public entities to stop doing business with Russia and invest funds elsewhere.
The entities would be encouraged to cut ties with or divest from companies, real estate, or other investments backed or owned by Russia or its citizens, including banks, brokerage firms, and investment companies.
The Pennsylvania Treasury, State Employees Retirement System, and Pennsylvania School Employees Retirement System manage millions of taxpayer dollars.
State Reps. Ryan Bizzarro (D-Erie), Rob Matzie (D-Beaver/Allegheny), and Pam Snyder (D- Greene/Fayette/Washington) introduced HR175. The resolution is in response to Russia’s invasion of Ukraine.
“We are joining national and global efforts to force Russia to cease fire,” Snyder said. “Divesting all Pennsylvania investments from Russian companies and holdings is something we can do to keep the pressure on and send a message from the Keystone State to the Kremlin.”
“Russia’s actions must have consequences,” Bizzarro said. “A lot of legislators are talking about their support for Ukraine, but we must now demonstrate that support by using the leverage we have in Pennsylvania to put whatever pressure we can on Russia.”
The lawmakers sent a letter to Gov. Tom Wolf urging him to expedite the process via executive order.