Benninghoff to Introduce Legislation to Divest Pennsylvania of Russian Financial Assets

2/28/2022

HARRISBURG – Pennsylvania House Majority Leader Kerry Benninghoff (R-Centre/Mifflin) Monday said he plans to introduce legislation to divest Pennsylvania of any Russian financial assets in which the Commonwealth may be invested.

“Clearly the people of Pennsylvania stand with the people of Ukraine and against this unprovoked Russian aggression. Over the weekend, the Liquor Control Board pulled Russian-made vodka from its shelves, something I commend, and the Capitol was lit with the colors of the Ukrainian flag. But I think it is time we start moving beyond symbolism and get to concrete action with what Pennsylvania can do to hold Russia accountable and apply pressure to stop this attack on the innocent people of Ukraine as well as the viability of Eastern Europe,” Benninghoff said.

“The Commonwealth’s public funds represent a substantial amount of investment power. We have a moral obligation to ensure that our public fund investments are not inadvertently supporting those who are engaging in an unprovoked invasion of their democratically elected neighbors.”

According to a co-sponsorship memo released Monday, Benninghoff’s legislation would divest the Commonwealth’s holdings in the State Treasury and pension funds from investments that are connected to the Russian government and its critical supporters. 
The effort would expand upon Act 44 of 2010’s divesture of the State Treasury and pension funds from investments related to Iran and Sudan.