Sign In
Upcoming Event
Free Newsletter
House approves bill to pull state investments out of Russia, Belarus
House approves bill to pull state investments out of Russia, Belarus
Listen to this articleLegislation that would divest Pennsylvania’s holdings from investments connected to the Russian government and its supporters has been approved by the House and now heads to the Senate for consideration.
House Bill 2447 was passed by the House unanimously on Monday.
The bill, sponsored by House Majority Leader Kerry Benninghoff, R- Centre and Mifflin counties, would expand upon Pennsylvania’s Act 44 of 2010.
Act 44 of 2010 divested the State Treasury and pension funds from investments related to Iran and Sudan. The new legislation would add Russian and Belarusian financial assets to that list and prohibit future investments in Commonwealth funds in financial assets of those countries, according to Benninghoff.
“Simply put: divesting Commonwealth investments from Russian and Belarusian financial assets is the right thing to do,” said Benninghoff. “As the Russian and Belarusian governments continue their unprovoked military atrocity and human rights catastrophe against the people and the government of Ukraine, Pennsylvania is speaking with one voice against this ongoing crisis and is joining with the rest of the free world in taking steps that substantively marginalize Vladimir Putin and his domestic and geopolitical allies.”
