Legislation: In 2007, Louisiana enacted House Bill 864, a law prohibiting state pension funds from investing in countries considered by the United States to be state sponsors of terror (1). While in certain other states, pension fund trustees opposed the enactment of legislation that would require divestment (see Kansas), in Louisiana state pension funds reportedly sought the enactment of such legislation. Both the Louisiana Sheriffs Pension & Relief Fund and the Louisiana Firefighters Pension Fund lobbied for mandatory divestment; the bill, sponsored by Representative Pete Schneider, passed without opposition (2).
Effects: None observed.
Key actors: Former State Representative Pete Schneider (R, St. Tammany Parish), sponsored HB 864.
Of note: As long as Iran remains listed a state sponsor of terrorism, Louisiana pension funds will be unable to invest in companies with ties to Iran (3).