Turkish Divestment Bill Passes California Assembly

State Assemblymember Adrin Nazarian spearheaded the effort in the Assemblu
State Assemblymember Adrin Nazarian spearheaded the effort in the Assemblu

State Assemblymember Adrin Nazarian spearheaded the effort in the Assemblu

SACRAMENTO–AB 1320, the Divestment from Turkish Bonds Act, passed the full California Assembly floor 59-0. Last year, the State Senate and Assembly passed the Divestment from Turkish Bonds Act but the bill was vetoed by former Governor Jerry Brown.

California has a long history of divesting from countries that violate human rights, South Africa (apartheid policy), Sudan (Darfur genocide), and Iran (international terrorism, human rights violations). A divestment from Turkish bonds over Turkey’s denial of the Armenian Genocide, the continued funding of a campaign of genocide denial, and the recent erosion of democratic principles would send a clear message internationally that California, the fifth largest economy in the world, demands justice for 1.5 million Armenians killed.

“California is sending a clear message to Turkey to stop their deceitful campaign of genocide denial,” stated Assemblymember Adrin Nazarian.

AB 1320 prohibits the boards of the California Public Retirement System (CalPERS) and California State Teachers’ Retirement System (CalSTRS) from making additional or new investments, or renewing existing investments issued, owned, controlled, or managed by the government of Turkey after federal sanctions are imposed on Turkey.

“We are grateful to the California State Assembly and to Assemblymember Adrin Nazarian for once again unanimously passing the Divest Turkey bill following then-Governor Jerry Brown’s disappointing last minute veto of the same bill last year. We look forward to successful passage in the Senate and to its signing by Governor Newsom in the near future,” said Armenian National Committee of America- Western Region chairman Nora Hovsepian, Esq.

“The ANCA-WR initiated this legislative movement several years ago after the Armenian Youth Federation and All-ASA student campaign successfully passed it on all nine University of California campuses in order to bring California’s fiscal policy in line with its strong position on human rights and the Armenian Genocide, and together we will continue to work diligently to secure divestment of public funds from the Turkish government through all possible avenues,” she added.

The boards shall liquidate investments only upon action taken by the federal government. More specifically, CalPERS and CalSTRS must liquidate any of the investments described above within six months of the passage of federal sanctions on Turkey.

This bill also requires the boards of CalPERS and CalSTRS to submit reports to the Legislature and the Governor, within a year of when the federal government issues sanctions against Turkey. The report will detail a list of investments that they have already liquidated and a list of investments that potentially can be liquidated.

California is home to the largest Armenian-American population in the United States.

AB 1320 will now be debated in the California State Senate.

Adrin Nazarian represents the 46th Assembly District, serving the San Fernando Valley communities of Hollywood Hills, Lake Balboa, North Hills, North Hollywood, Panorama City, Sherman Oaks, Studio City, Toluca Lake, Valley Glen, Universal City, Van Nuys, and Valley Village.

Authors

Discussion Policy

Comments are welcomed and encouraged. Though you are fully responsible for the content you post, comments that include profanity, personal attacks or other inappropriate material will not be permitted. Asbarez reserves the right to block users who violate any of our posting standards and policies.

One Comment;

  1. Omer maras said:

    Since before I never liked and always opposed Turkish products and companies as i purchased Armenian products from my own by the markets as i lso disagreed disputed with my family’s of their own choices as not my choice as I am fully against turkey’s governmental policies as i am sided with ANCA as i even went to the Armenian restaurants before just to support against turkey’s all companies in California . I am proud to support Armenian U.S. tax treaty or any U.S. policies sided with Armenian rights any time any place will never change no matter what happens . Thanks to Great Pride Armenian president dear Mr. Pashinyan my sincere greetings from 2 juniper , Irvine CA USA 92612

*

Top