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California Investment Funds Prohibited from Investments in Israeli Businesses (2012)

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A California Public Investment Funds Prohibited from Investments in Israeli Businesses ballot initiative (10-0020) was cleared for circulation for California's 2012 ballot as an initiated state statute. However, supporters of the initiative did not submit signatures to qualify the measure for the ballot by the statutory deadline of January 31, 2011.

The formal letter requesting a title and summary for the proposed initiative was signed by Chris Yatooma. The Attorney General of California's office provided an official summary on September 1, 2010.

A similar measure, the California Public Divest from Israel Act, was filed for but ultimately did not qualify for the state's 2010 ballot.

Text of measure

See also: Ballot titles, summaries and fiscal statements for California 2012 ballot propositions

Ballot title:

Prohibits State Retirement Funds from Investing in Companies Engaged in Certain Business Activities in Israel. Initiative Statute.

Official summary:

"Requires the Public Employees' Retirement System and State Teachers' Retirement System to identify investments in companies that do business related to the construction or maintenance of Israeli settlements, including those in the West Bank and East Jerusalem, or that provide military supplies and services to Israel. Requires retirement funds to urge these companies to stop these business activities, and, subject to fund fiduciary responsibilities, to divest from companies still engaged in these activities. Prohibits retirement funds from making new investments in these companies."

Summary of estimated fiscal impact:

See also: Fiscal impact statements for California's 2012 ballot propositions

(This is a summary of the initiative's estimated "fiscal impact on state and local government" prepared by the California Legislative Analyst's Office and the Director of Finance.)

"Potential increase in state and local government pension contributions, the amount of which would vary from negligible to more significant based on how this measure's divestiture requirements are interpreted and implemented."

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