State Senator John J. Bonacic (R/I/C - Mount Hope) announced today that the Senate has passed his legislation, Senate bill 6294, that directs the New York State Comptroller to refrain from investing pension funds in companies that do business in or with nations deemed state sponsors of terrorism.
"This is quite simple," stated Senator Bonacic. "Investing in a particular entity tied to terrorism is in reality a statement of support. New York State should have a zero tolerance policy in all aspects of terrorist activity, including choosing which companies it will invest its multi-billion dollar pension fund in."
Bonacic said his bill amends the Retirement and Social Security Law to direct the New York State Comptroller to refrain from investing pension funds in companies doing business with nations with terrorist ties. It also requires the Comptroller to provide a report to the Governor, Legislature, and Office of Homeland Security detailing any pension fund investments in nations that support terrorist activity.
State sponsors of terrorism provide critical support to non-state terrorist groups. Without state sponsors and deterring companies investing in them, terrorist groups will have much more difficulty in obtaining finances, weapons, materials and land to conduct their operations.
"We should never invest in companies that do business with nations considered to be state sponsors of terrorism. Money talks and taking it away from certain companies sends a very clear message," concluded Senator Bonacic.
The legislation is being sponsored in the Assembly by Assemblyman John J. McEneny.