RH Jones to Rep. Shannon Jones re: HB 151 and HB 152

RH Jones to Rep. Shannon Jones, May 23, 2007
Subject: Opposition to HB 151hat requires OH pension systems to divest in Iran & a HB152 opposition statement

The Honorable Rep. S. Jones:

Re: Strongly opposed to HB 151 that requires Ohio pension systems to divest in investing in companies that do business with terrorist countries such as Iran

Since we share the same last name, I would like to ask you to withdraw your hurtfully sponsorship of this bill that is harmful to both Ohio businesses and Ohio public pensions. Companies such as Coca-Cola, Ford, Honda and many oil companies do business with countries that the far right wing political groups list as “terrorist”. Outside of a total war, would you not have Ohio companies selling their products wherever there are buyers? Cutting off all these companies, would result in the loss of thousands of high paying jobs, not to mention the loss of billions of dollars in business profits.

My Ohio STRS would need our lost funds replaced from somewhere. Would you be willing to sponsor a bill to increase taxes to make up for theses losses? I think not. With the passage of you HB 151, thousands of elderly teachers and state workers would suffer a great loss at a time when food, energy prices and health care costs are rising. As with the recent ill-conceived “Buy Ohio” bill, these types of negative law changes would further hurt Ohio and its people.

Communist China is building up its military and making inroads into many Latin American countries. Would you have Ohio’s businesses and the elderly retired public employees bear the financial burden of loss of investments with them too? Outside of a total war against the terrorist or communist countries, this voting Ohio retired teacher will not support any effort to change the law on how Ohio’s STRS invests our funds.

By the way, HB 152 that diverts public employer/employee retirement contributions into private insurance funds needs to bear the same death as HB 151. This bill also takes potential investment income away from my STRS, and the businesses that the STRS makes investments. I ask you: where will these losses be made up?

With respect,

Robert Hudson Jones, a STRS retired member
Cc. Reps. Mandel, Miller, Otterman & Williams
Cc. STRS, CEO Asbury