Florida poised to lead with Divest Terror law; Florida poised to lead with legislation divesting pension funds from Iran-Partnering Companies
Apr 30, 2007
The Florida State Senate unanimously joined the growing nationwide movement to divest from Iran.
The Florida bill – introduced by Sen. Ted Deutch (D–Boca Raton) – joins other terror-free investing (TFI) initiatives in California, Georgia, Texas, Missouri, Louisiana, Pennsylvania, Michigan, Vermont and New Jersey aimed at divesting public pension funds doing business in one or more terror-sponsoring states. This legislative action in Tallahassee could make State of Florida the first in the country to pass a bill designed to have its pension plans divest from companies investing in Iran’s energy sector. The Florida bill would also direct the state’s pension systems to divest from companies doing business with the government of Sudan.
Responding to critics of the bill who claimed the legislature is improperly meddling in financial matters, Florida Sen. Don Gaetz (R–Fort Walton Beach) said, “Any uncertainty over whether public policy should have a moral basis was resolved, on this continent at least, by Jefferson, Adams, Madison and later, Lincoln. When functionaries of government decide to put our retirees’ savings into the war-making capabilities of our enemies, they’re making bad public policy and elected lawmakers have a moral obligation to try to stop it.”
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