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House narrowly approves divestment bill targeting certain foreign companies doing business in Iran
Summary
After a heated floor debate that split the chamber, the House passed HB39 to require Utah retirement funds to divest from certain publicly traded foreign companies doing business in Iran; the bill passed 43–26 after proponents framed it as a moral stand and opponents warned of fiscal costs to retirees.
The Utah House passed House Bill 39 on a partisan and emotional floor debate that focused on whether state retirement funds should divest from publicly traded foreign companies doing business in Iran.
Representative Julie Fisher, sponsor of the bill, said HB39 seeks to ‘‘damage the economy of Iran’’ by removing investment exposure to foreign companies doing business with a government that the United States designates as a sponsor of terrorism. Fisher framed the bill narrowly as applying to publicly traded foreign companies and…
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