The California State Assembly has adopted a bill prohibiting the state’s huge pension funds from investing in international corporations that participate in the Arab League’s economic boycott of Israel.
The main target of the legislation is the Arabs’ “secondary boycott” of companies that do business with Israel. While state and federal laws already make such boycotts illegal for American firms, many foreign and international companies are among the boycott’s strongest adherents.
“California exercised leadership in 1976, when we made it illegal for companies in this state to participate in the boycott,” said Assemblyman Burt Margolin, who introduced the bill.
“With this new effort, California can be a leader again in opposing this unjust boycott by targeting foreign companies that participate in this disgraceful, discriminatory practice.”
The measure passed by a vote of 57-16, three more than the required two-thirds majority.
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