Pa. Senate OKs bill to shed investments in Iran, Sudan

HARRISBURG, Pa. (AP) — The state Senate is advancing a bill to require Pennsylvania’s two largest pension funds and the state Treasury Department to divest investments in companies that do significant business in Iran or Sudan.

Senators approved the bill 42-7 today, five months after the House unanimously approved a similar bill.

A spokesman for the House Democratic majority says the issue is important and the caucus will take a look at the Senate bill.

The sponsor, Democratic Sen. Mike Stack of Philadelphia, says 28 other states have adopted similar divestment policies. He called the bill a moral and fiscally responsible way to combat terrorism and genocide.

The bill would not apply to mutual funds, hedge funds or other investment vehicles that invest in such companies.