New Jersey would become the second state to ban investing state pension funds in companies doing business in Iran under legislation advanced Thursday.
A Senate committee approved a bill to restrict the state pension fund from buying stock in international companies that do business with Iran. A state Assembly panel recently did the same and both houses of the Legislature can now consider the measure.
"It's ludicrous that we should invest our dollars there, a country that wants to export terrorism, that wants to see the destruction of allies, that wants to see the destruction of the United States," said Republican Sen. Robert W. Singer,a bill sponsor.
Florida earlier this month became the first state to approve such a law. Its measure also bans investments in Sudan.