State Senate Majority Leader Mike McGuire’s (D-North Coast) upcoming bill would divest public state funds, largely from CalPERS and CalSTERS, from Russia amid its invasion of Ukraine (Karina Patel/Golden Gate Xpress) (Karina Patel)
State Senate Majority Leader Mike McGuire’s (D-North Coast) upcoming bill would divest public state funds, largely from CalPERS and CalSTERS, from Russia amid its invasion of Ukraine (Karina Patel/Golden Gate Xpress)

Karina Patel

California lawmakers call for state divestment from Russia

The move comes following the “unprovoked” invasion into Ukraine, according to the press release

February 28, 2022

State Senate Majority Leader Mike McGuire (D-North Coast) announced Monday an upcoming bill that would divest public state funds from Russia.

The bipartisan bill would divest funding from state agencies and largely from CalPERS and CalSTRS, pension funds for public state employees and public school educators, respectively.

According to McGuire’s press release, the state currently invests over $1 billion into Russian entities, largely through the two pension funds.

McGuire wrote that California being the world’s fifth largest economy “could help the people of Ukraine by putting additional financial pressure on the already beaten-up Russian economy,” in addition to federal-level sanctions already imposed on Russia.

The announcement of the bill reflects a growing shift in state interests and investments. 

Earlier this month, Sens. Lena Gonzalez (D-Long Beach) and Scott Wiener (D-San Francisco) introduced a bill, SB1173, calling for a CalPERS and CalSTRS divestment from fossil fuels — a move being mimicked at the campus level at SF State.

The bill would also halt any state contracts to companies in business with Russia, and it would also urge — but not require — private California companies to also stop investing in Russian entities.

The bill has support from Wiener and Assemblymember Phil Ting (D-San Francisco), among others in the Legislature.

“We must not allow this destructive invasion — which will have long-term consequences for peace and security in Europe — to stand,” Wiener stated in the press release. “California should not in any way support Putin’s corrupt oligarchy.”

Leave a Comment
About the Contributors
Photo of Chris Ramirez
Chris Ramirez, Editor-In-Chief

Chris Ramirez is a senior at SF State who will graduate in May. He is double majoring in journalism and German and minoring in political science. He serves...

Photo of Karina Patel
Karina Patel, Photo Editor

Karina Patel is the photo editor of Golden Gate Xpress and a senior at SF State. She a photojournalism student minoring in management and looking forward...

Golden Gate Xpress • Copyright 2022 • FLEX WordPress Theme by SNOLog in

Comments (0)

All Golden Gate Xpress Picks Reader Picks Sort: Newest

Your email address will not be published.