U.S. Senate Passes Sudan Divestment Bill
December 13, 2007 (PLANSPONSOR.com) - The U.S.
Senate on Wednesday approved legislation to encourage
investors to withdraw funds from companies doing business in
Sudan.
Reuters reports the legislation permits U.S. state
and local governments, as well as mutual funds and
private pension funds, to divest their investments in
companies involved in four Sudanese business sectors. The
bill permits divestment from companies involved in
Sudan's oil industry, mineral extraction, power
production, and the production of military
equipment.
Additionally, the legislation requires federal
government contractors to certify they are not involved
in business in these four areas, according to
Reuters.
There have been court challenges to some of the 20
individual U.S. state divestment efforts, the news report
said, so the legislation authored by Senator Christopher
Dodd (D-Connecticut) seeks to provide them with a legal
framework.
The bill will now go to the U.S. House of
Representatives for vote.
The U.S. State Department expressed the Bush
administration's opposition to a Sudan-divestment
measure in a letter to two U.S. senators (See
Letter Voices Administration's Sudan
Divestment Proposal Opposition
).
Rebecca Moore
editors@plansponsor.com