Stack For Investment Ban on Companies With Ties To Iran, Sudan

PHILADELPHIA, NOV. 17, 2009 — State Sen. Mike Stack today said he supports Philadelphia legislation that would prohibit the city from awarding contracts to businesses or deposit money with financial institutions that have operations or invest in companies that conduct business in Iran or Sudan.

“This is a morally, fiscally responsible and reasonable way for the City of Philadelphia to show its objection to countries that support terrorism and genocide,” Stack said. “Companies may choose to conduct business with nations that sponsor terrorism or look the other way while their own people are murdered en masse, but this city and the Commonwealth of Pennsylvania should not support these companies’ decisions.”

Stack sent a letter of support for City Councilman Jim Kenney’s legislation (Bill No. 080746) to Councilwoman Marian Tasco, chairwoman of the City Council Finance Committee, where the bill was approve this afternoon.

Restrictions like these are usually governed by the federal government; however, local governments may also adopt similar policies. Terror-free investments, contracts and deposits have been adopted by governments across the country.

Stack introduced similar legislation (Senate Bill 928) that would require Pennsylvania’s two largest pension funds to divest from investments in Sudan and Iran. State Rep. Josh Shapiro authored a similar bill (House Bill 1821), which is schedule for final vote in the House tomorrow. Once the bill passes the House, it will be sent to the Senate for consideration.

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