(JTA) — The Colorado Senate passed a bill that would require the state’s pension fund to divest from companies that participate in a boycott against Israel.
In a 25-9 vote Tuesday, the state Senate advanced its version of a bill that had passed last month in the state House of Representatives. The bill moves to a conference committee for final approval.
The measure requires Colorado’s Public Employees Retirement Association to divest from companies with economic prohibitions against Israel by Jan. 1.
The pension fund has about $47 billion assets, Pension & Investment Online reported. The amount affected by the divestment requirement would be small, however.
The pension fund’s board of directors opposes the bill, saying it doesn’t want politics to influence investment decisions, The Associated Press reported. The retirement system already has divestment policies for companies doing business in Sudan and Iran, according to Pension & Investment Online.
Gov. John Hickenlooper, a Democrat, supports the legislation, according to AP.
California, Florida, Illinois, New York, Pennsylvania and Tennessee have passed or are considering bills or resolutions taking action against the Boycott, Divestment and Sanctions movement against Israel.