In response to the invasion of Ukraine by Russia, the Illinois Senate has passed a bill that would divest state funds from Russian assets.
Sponsored by Democrat state Rep. Lindsey LaPointe, House Bill 1293 would divest Illinois state funds from Russian debt and develop a method for detecting Russian money laundering in local real estate.
“It is absolutely tragic to see the senseless pain and suffering that has been forced on the Ukrainian people,” LaPointe said in a statement when passing the bill. “We have a moral obligation to stand up against Russian aggression, it’s important for Illinois to send a strong message and impose new rules that target the financial support for Putin’s war machine.”
The legislation also gives the Illinois Department of Human Services the authority to create a resettlement program for Ukrainian refugees. The bill passed the Illinois House of Representatives in April, prior to reaching the Illinois Senate with bipartisan support.
“The meat of this bill is about going after Russia on the things that we can do as the state of Illinois,” said Republican state Rep. Tim Butler in support of the bill during its passage in the state House. “All one has to do is look at your laptops and google Bucha and see what has happened in that suburb of Kiev over the last few days since the Russians have pulled out.”
The bill requires divestment from stocks owned by Russia, along with those of its ally Belarus. It specifically names the Teachers’ Retirement System of the State of Illinois, while also urging public systems not controlled by the state to do the same.
Governor Weighs In
Illinois Gov. J.B Pritzker has previously called on state employee pension systems to review their portfolios to divest from Russia.“Working together, our offices will advance legislation to remove any Russian companies from Illinois’ pension assets and prohibit contracting with any companies based in Russia. Beyond these financial consequences, we will also join national efforts to assist with this heartbreaking refugee crisis,” Pritzker said in March in a joint statement with state Senate President Don Harmon and state House Speaker Chris Welch in response to Russia’s invasion of Ukraine.
Amended by the Illinois Senate on Nov. 16, the bill will now go back to the House for concurrence before heading to Pritzker’s office for his signature when lawmakers return to Springfield after the Thanksgiving holiday.
