REPRESENTATIVE JIM WEIDNER
HOUSE DISTRICT 24
FOR IMMEDIATE RELEASE
CONTACT: Rep. Jim Weidner
February 16, 2012
REP. WEIDNER PASSES IRAN DISINVESTMENT BILL
SALEM—The House of Representatives today unanimously approved legislation carried by Rep. Jim Weidner (R-Yamhill) directing the Oregon Investment Council and State Treasurer to ensure that money in the Public Employees Retirement Fund are not invested in companies with interest in Iran’s energy sector.
“Oregon’s tradition of forward-thinking and humanitarianism have been displayed in previous divestitures of public funds from Apartheid South Africa and Sudan,” Rep. Weidner said. “Today we will begin that tradition anew by setting the groundwork for Oregon to divest from the energy sector of Iran.”
In addition to promoting state disinvestment, HB 4110 directs the State Treasurer to adopt engagement policy with private investment fund managers and to encourage managers to end investments with companies with interests in Iran’s energy sector.
Rep. Weidner says the legislation complements national and international strategies to apply peaceful pressure to Iran as the country develops nuclear capability.
“Using our small influence alongside 21 other states to help apply pressure to the general portfolio managers does in fact help the overall effort to find another solution other than armed confrontation to stop Iran’s belligerent rhetoric from becoming promises fulfilled,” Rep. Weidner said. “I want to thank my colleague, Democratic Rep. Mitch Greenlick for formally introducing this bill, and allowing me to continue the work we’ve done since last session and to carry it on the House Floor to passage today.”