NJ Moves to Join Iran Divestiture Bandwagon

December 18, 2007 (PLANSPONSOR.com) - New Jersey is closer to becoming one of the states to prohibit state pension money from being invested in companies doing business in Iran.

South Jersey’s Courier Post reported that the state Senate voted 34-0 to restrict the state from buying stock in international companies that do business with Iran. In June, the state Assembly voted 78-1 for the measure.

The legislation now goes to Governor Jon S. Corzine for signing.

A Corzine spokeswoman, Lilo Stainton, told the Courier Post: “Investment strategy can be a powerful tool to bring about change. Governor Corzine supports the concept of using the state’s leverage as an investor to promote peace and prosperity.”

Several states have passed legislation requiring state funds to drop investments linked to Iran and Sudan in protest of terrorism and the genocide in Darfur (See Texas Fund Divestiture Policy Includes Caveat ), although some opposition to such measures have been presented (See TX Gov’s Iran Divestment Plan Encounters Political Headwinds ).