California Democrats introduced a bill in the state senate urging state pensions CalPERS and CalSTRS not to invest future pension funds in Russia, citing that government's treatment of LGBT people.
Sens. Mark Leno, Darrell Steinberg and Ricardo Lara introduced the resolution. Equality California also sponsored the bill.
The move follows the enactment of a law that promises arrest, detainment and up to 15 days in in prison for any person or group found publically supportive of LGBT equality. This means anything from a same-sex couple's public display of affection, to a person disclosing homosexuality or even displaying LBGT symbols such as a rainbow. President Vladimir Putin signed the law on June 30, 2013.
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"The anti-gay laws recently passed in Russia are an unconscionable affront to LGBT people across the world, not just those who live in that country," said Senator Leno. "Californians cannot silently sit back and tacitly condone these practices by continuing to invest in and support Russian enterprises. CalPERS and CalSTRS are well placed to use their economic clout to make a strong statement that it's unacceptable to persecute and discriminate against individuals based on their sexual orientation or gender identity."
According to Leno's office, both CalPERS and CalSTRS have Russian investments in their pension portfolios. Neither pension plan commented on the resolution.
Leno was inspired to take action when he received a CalPERS press release highlighting its investment in a Russian shopping mall, touted as Russia's largest ever commercial real estate transaction.
"In today's global economy, pension funds can meet their fiduciary responsibilities in a variety of ways, without investing in countries that violate basic human rights," said Leno in a release. "California is well within its rights to invest its dollars in a way that does not undercut the dignity of all human beings, including LGBT individuals."
CalPERS is the nation's largest public pension fund with $263.9 billion in assets.
The resolution is scheduled for the Senate floor before the legislative session concludes in September.
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