Bipartisan coalition of legislators introduce bill to divest state funds from Russia

As excerpted from the Lake County News.

Senate Majority Leader McGuire and the legislative coalition will be advancing a bill that will call on all state agencies, including the Golden State’s massive pension funds, CalPERS and CalSTRS, to divest from any and all Russian assets immediately.

It’s believed California has Russian investments exceeding over $1 billion, primarily in its pension funds. At this point there can be no excuse to invest in and support Putin, his oligarchs and the Russian economy.

Russia’s economy, not even in the top 10 of world economies, is one of their big pressure points and California should use its power to exert influence where it can.

The delegation will also ask private companies based in California to divest their investments in the Russian economy. In addition, the legislation would block the awarding of state contracts to any company that is conducting business with Russia.

This bill is supported by a broad and growing bipartisan coalition of senators and Assembly members, including senators Susan Eggman, Scott Wiener, Dave Cortese, Bill Dodd, Tom Umberg and Susan Rubio, and Assembly members Kevin Mullin, Suzette Martinez Valladares, Jesse Gabriel, Evan Low, Phil Ting, Jim Wood, Marc Berman, Chad Mayes, Jordan Cunningham, Cristina Garcia, Laurie Davies, Cottie Petrie-Norris, Randy Voepel and Miguel Santiago.

“Russia’s unprovoked and unjustified invasion of Ukraine is a threat to democratic freedoms and global stability. The loss of life to satisfy the ego of a fragile tyrant is unconscionable and there must be consequences. This legislation builds upon the strong economic sanctions being pursued by the Biden Administration and our allies,” Assistant Senate Majority Leader Susan Eggman said.

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