Senator Cortese’s Statement on State Sanctions on Russia

Chair of the California Senate Labor, Public Employment and Retirement Committee, Senator Dave Cortese (D-Silicon Valley) made the following statement after Governor Gavin Newsom sent a letter today to the leaders of the California Public Employees’ Retirement System (CalPERS), California State Teachers’ Retirement System (CalSTRS) and the University of California retirement system regarding divestment from Russian-based companies and assets:

“I am proud of our Governor for acting swiftly and calling for the divestment of state public funds from Russia, in line with bipartisan requests from those in the state legislature,” says Senator Cortese who, yesterday announced he is joint-author of a bill requiring California to divest Russian investments.

“California must continue to vehemently denounce Russia’s violent invasion of Ukraine and put pressure on Russia to end this unjustified and reckless attack.”

This statement comes one day after Senator Cortese announced he will be joint-authoring a bill with Senate Majority Leader Mike McGuire which would require California, its agencies, CalPERS, and CalSTRS to divest from Russia and Russian-state entities following the unprovoked war against Ukraine. Learn more at this link.

This bill would:

·       Require the State and its agencies, CalPERS, and CalSTRS to divest from Russian assets and financial institutions.

·       Urge companies operating in California to divest and separate themselves from the Government of Russia and Russian businesses

·       Request companies operating in California to report their investments and business connections with the Government of Russia and Russian businesses.

·       Block the awarding of state contracts to any company that is conducting business with Russia.