PERA backs cutting financial ties to Sudan
Alan Gathright, Rocky Mountain News
Published February 6, 2007 at midnight
Colorado's Public Employees Retirement Association unanimously voted Monday to support legislation to end the state's investment in firms that do business with Sudan's government.
"Nobody wants their money going to subsidize genocide. I'm glad PERA doesn't, either," said House Speaker Andrew Romanoff, D-Denver, chief sponsor of House Bill 1184. "It's a model for the nation: the toughest, strongest divestment action ever aimed at the Sudanese government by a state."
If passed, the legislation would require PERA to divest $137 million in pension funds from firms that do business with the Sudanese government. Backers say cutting off money to the government is the only way to stop a genocide in the Darfur region that has claimed 400,000 lives and forced 2.5 million from their homes since 2003.
The bill targets the worst offending companies, such as PetroChina and Sinopec, and makes provisions for those that shift resources to southern Sudan for rebuilding.
"We've been talking with the PERA board for the last few months, and they were resistant initially," said Romanoff, whose bill has garnered bipartisan support. "It's great news."
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