PRINTER'S NO. 11
No. 7 Session of 1985
INTRODUCED BY RICHARDSON, IRVIS, LINTON, FREEMAN, ACOSTA, CARN,
WIGGINS, DEAL, FATTAH, JOSEPHS, HARPER, CALTAGIRONE AND
R. C. WRIGHT, JANUARY 23, 1985
REFERRED TO COMMITTEE ON FINANCE, JANUARY 23, 1985
AN ACT
1 Requiring cities to enact responsible investment ordinances
2 requiring the withdrawal of city funds from banks and
3 business entities doing business with the Republic of South
4 Africa and certain countries.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. Responsible investment ordinances.
8 Cities shall enact responsible investment ordinances
9 requiring the withdrawal of city funds from banks and other
10 business entities doing business with the Republic of South
11 Africa, communist block countries and all countries governed by
12 military dictatorships which support or condone policies which
13 result in human rights violations.
14 Section 2. Citizens committee.
15 Each city council shall appoint a Citizens Committee on
16 Responsible Investments to make recommendations to it regarding
17 the following:
18 (1) Procedures for the withdrawal of city public moneys
1 from financial institutions and business entities doing
2 business with the Republic of South Africa, communist block
3 countries and all countries governed by military
4 dictatorships which support or condone policies which result
5 in human rights violations.
6 (2) Procedures for redeposition with all prudent haste
7 of city public moneys in financial institutions and other
8 business entities which do not do business with the Republic
9 of South Africa, communist block countries and all countries
10 governed by military dictatorships which support or condone
11 policies which result in human rights violations until
12 council adopts a comprehensive responsible investment policy.
13 (3) A comprehensive responsible investment policy which
14 maximizes the city's social and economic benefits.
15 Section 3. Council's ordinance.
16 (a) Policy.--The city council of each city shall adopt a
17 comprehensive responsible investment policy based on the
18 citizens committee's recommendations within 60 days of receipt
19 of those recommendations.
20 (b) Committee dissolved.--Following the adoption of the
21 comprehensive responsible investment policy, each citizens
22 committee shall be dissolved.
23 Section 4. Intent.
24 (a) Removal of deposits.--It is the intent of this act that
25 each city act to remove investments and deposits from banks and
26 other business entities doing business with the Republic of
27 South Africa, communist block countries and all countries
28 governed by military dictatorships which support or condone
29 policies which result in human rights violations.
30 (b) Construction of act.--
19850H0007B0011 - 2 -
1 (1) No provision of this act shall be construed to
2 require that any city incur any loss in interest or receive
3 less than the greatest economic benefit from its investments.
4 (2) No provision of this act shall be construed to
5 direct a violation of applicable Federal or State investment
6 laws or regulations.
7 Section 5. Effective date.
8 This act shall take effect in 60 days.
L19L11DGS/19850H0007B0011 - 3 -