Florida governor signs bill banning investments in companies tied to Iran, Sudan; pension funds stand to lose millions

Crist to sign bill banning investments in companies tied to Iran, Sudan

By Anthony Man Political Writer
Sun-Sentinel.com
Posted June 8 2007

A measure banning Florida state government pension funds from investing in companies that do business in Iran's oil sector and Sudan gets signed into law today.

The Protecting Florida's Investments Act orders state pension fund managers, who have $150 billion in assets to handle, to review holdings.

Companies doing business with either the petroleum sector in Iran or the government in Sudan would be asked to stop those operations.

If the state request isn't honored, the pension funds would divest those investments. Potentially affected investments make up less than 1 percent of the pension funds' assets.

"Although Florida is just one state, I think that we're going to be setting an example for other states to follow suit. And yes, it's $1 billion in our $150 billion pension fund, but when that is coupled with all of these states that may be looking at similar legislation, it could have a real effect in stopping these terror regimes," said state Rep. Ari Porth, D-Coral Springs.

Andrew Lewis, co-founder and president of the Save Darfur Coalition of Broward County, said Thursday it is a "wonderful thing" that Gov. Charlie Crist plans to sign the measure into law at Temple Beth El in Boca Raton.

The proposal was pushed through the Legislature by Broward and Palm Beach county legislators.

"You can actually do good by looking not only in the spiritual, philosophical and political aspects but looking at the economic aspects. This bill does all of those things and that's why I think it's a wonderful thing," Lewis said.

Broward's Save Darfur group, and a similar Palm Beach County coalition, meet regularly to draw attention to the 200,000 deaths and 2.5 million refugees in the Darfur region of Sudan.

The Iran provision was pushed by the influential national organization American Israel Public Affairs Committee, and the South Florida sponsors said they were concerned about Iran's threat to Israel.

During a visit to Israel last week, Crist said he'd not only sign the measure into law, but also urge other states to take similar actions.

In a letter to other governors, Crist said Florida's legislation "is a statement to the Iranian and Sudanese governments that Florida will not idly stand by and allow businesses that operate in Iran and the Sudan to foster terror."

State Sen. Ted Deutch, D-Boca Raton, said he has reached out to legislators working on similar legislation in California, Illinois and Ohio.

Besides sponsors Deutch and Porth, state Rep. Elaine Schwartz, D-Hollywood, worked on the Sudan part of the measure and state Rep. Adam Hasner, R-Boca Raton, pushed the Iran provision.

Anthony Man can be reached at aman@sun-sentinel.com or 954-356-4550.