Written by: Jim Hansen
Sunday, February 03, 2008

On December 31, President Bush signed the Sudan Accountability and Divestment Act which passed Congress unanimously. It reiterated that the brutal murder and dislocation of millions of people in Sudan is genocide and terrorism and asked states to support American foreign policy in Sudan by divesting from companies that are funding genocide. All US companies have pulled out. Yet, many Americans don’t realize that buried in the portfolios of their retirement funds are shares of foreign companies that still fund Sudan’s genocide in exchange for access to that nation’s oil and other minerals. Idaho's own Public Employee Retirement System (PERSI) holds shares in six of those foreign companies. When PERSI was asked by their members last year to divest, PERSI said the legislature does not permit it to look into the morality of its investments, only the financial returns.

Most states are responding with a moral and patriotic response, but will Idaho? As of Dec. 31, 22 states had passed legislation requiring their public retirement funds to divest as requested by the federal act. Many more will do so over the next several months. On Thursday, the Idaho Legislature introduced Senate Bill 1367 which would have Idaho divest as well. Sounds like another unanimous vote? Think again. Even though PERSI’s holdings in the six foreign companies comprise only 0.22% of its total holdings, and even though there is an enormous national consensus for divestment, PERSI is actually opposing the bill! PERSI wants to remain aloof from the realities how genocide and terrorism are funded through global markets. With thousands of legitimate companies out there to invest retiree funds – PERSI insists that it should not be required to find other comparable investments. Making matters worse, late last year, PERSI insisted that the Idaho Public Employee Association (IPEA) endorse its position. IPEA apparently admits that it did not know about the federal act and seems embarrassed by the position PERSI has put it in. A public hearing is anticipated on Valentines Day. Find out more from the Sudan Divestment Task Force, and then contact your legislator.

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