From the SDUT News Blog…..
Note as well that Cal-PERS, Cal-STRS and the CTA continue to argue that the legislation infringes on their fiduciary responsibility to invest in terrorist states.
Senate Committee Approves Iran Divestment Bill
A key Senate panel approved a bill on Monday afternoon that would require the state’s huge pension funds for teachers and government workers to divest from companies that do business in Iran.
Assembly Bill 221, sponsored by Assemblyman Joel Anderson, R-El Cajon, won unanimous bipartisan support from the Senate Public Employment and Retirement Committee. The bill would require the funds to divest from foreign-owned companies. U.S. companies are unable to do business in Iran under federal law.
"This is not a single person’s bill, " said Anderson. "This is the Assembly working together for a better world."
The bill was opposed by the boards of the California Public Employees Retirement System, Cal-PERS and the California State Teachers’ Retirement System, Cal-STRS. They argue that the legislation infringes on their fiduciary responsibility to manage their investments and maximize returns.