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Lawfuel.com: Attorney General ‘s Statement Regarding the End of Florida’s Investments in Iran and Sudan

US Attorney General Newswire

TALLAHASSEE, FL – Attorney General Bill McCollum today issued the following statement on the State Board of Administration’s implementation of the Protecting Florida’s Investments Act:

“Today, Florida’s State Board of Administration sent the message to nations that support terrorism and brutal treatment of their own citizens that we will not do business with them or assist in financing terrorist activities,” said Attorney General McCollum. “As a member of the State Board of Administration, I strongly support the vote to formally sever ties between the Florida Retirement System Trust Fund and companies that have certain business relationships with the countries of Sudan and Iran. The activities of these terrorist nations could clearly jeopardize our state’s investments and this decision reinforces my fiduciary responsibility to the people of Florida.”

The legislation requires the state to end pension fund investments with companies doing designated types of business with Iran and Sudan. The impact of this action will be significant, as Florida’s Retirement System Trust Fund may be divesting more than $1 billion in state pension funds.

“This vote advances our efforts to prohibit pension fund investments in companies connected with Iran and Sudan, making Florida the first state in the nation to target both of these countries,” said Attorney General McCollum. “We know Iran is a terrorist country and we need to acknowledge that reality. As we move forward with our efforts to protect our state and our nation, we must remain committed to stripping power away from terrorists in any manner possible.”

By approving the list of Scrutinized Companies with today’s vote, the State Board of Administration sets into motion the timeline that may put an end to all affected pension fund investments connected with Iran and Sudan over the next 12 months.

As a former U.S. Congressman, Attorney General McCollum founded the U.S. House Task Force on Terrorism and Unconventional Warfare and was widely recognized as an expert on terrorism. Shortly after the terrorist attacks on September 11, Attorney General McCollum was appointed by former Governor Jeb Bush to the Florida Domestic Security Advisory Panel, where he continues to serve the state.

19 Sept 2007

http://lawfuel.com/show-release.asp?ID=15191

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