DATE:
December 5, 2023
31
TO:
Board of Supervisors
SUBJECT:
Title
ENSURING DIVESTMENT OF COUNTY FUNDS IN THE ISLAMIC REPUBLIC OF IRAN (DISTRICTS: ALL)
Body
Body
OVERVIEW
Details
As a result of the Islamic Republic of Iran's historical support for international terrorism and record of human rights violations, over the past four decades, the United States government has imposed numerous sanctions and restrictions on business and investment activities with the Islamic Republic of Iran. Although sanctions and federal laws, such as the Iran Sanctions Act, authorize strict penalties for individuals and companies engaging in specified commercial activities or investment with the Islamic Republic of Iran, instances of entities illegally doing business with them, or with companies that commercially interact with them illegally, continue to be discovered.
The financial support for terrorist organizations by the Islamic Republic of Iran is long-standing and well documented by the United States government. We know that their money is the mother's milk of terrorism throughout the Middle East. According to the U.S. Department of State, the Islamic Republic of Iran provides approximately $100 million annually to terrorist organizations, including Hamas, Palestinian Islamic Jihad and other groups. In light of the October 7, 2023, attack on the Israeli people by the terrorist group Hamas, it is critical that San Diego County's investment funds will in no way play a role in assisting the Islamic Republic of Iran's continued funding of terrorist groups and their activities.
Following the enactment of Assembly Bill 221 (Anderson) into law in 2007, it was discovered that over $24 billion in public funds managed by the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) were being invested with the Islamic Republic of Iran in conflict with sanctions prohibiting such action. It is critical to ens...
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