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AB-1597 Public employee retirement systems: prohibited investments: Turkey.(2017-2018)

Bill Status
Nazarian (A)
Gabriel (A) , Portantino (S) , Wilk (S)
Travis Allen (A) , Chen (A) , Friedman (A)
Public employee retirement systems: prohibited investments: Turkey.
An act to amend Section 16642 of, and to add and repeal Section 7513.76 of, the Government Code, relating to public employee retirement systems.

Type of Measure
Inactive Bill - Vetoed
Majority Vote Required
Fiscal Committee
Non-State-Mandated Local Program
Non-Tax levy
Last 5 History Actions
Date Action
09/30/18 Vetoed by Governor.
09/11/18 Enrolled and presented to the Governor at 4:30 p.m.
08/31/18 Senate amendments concurred in. To Engrossing and Enrolling.
08/29/18 In Assembly. Concurrence in Senate amendments pending.
08/29/18 Read third time. Passed. Ordered to the Assembly. (Ayes 36. Noes 0. Page 5946.).
Governor's Veto Message
To the Members of the California State Assembly:

I am returning Assembly Bill 1597 without my signature.

This bill, which only goes into effect if the Federal Government imposes sanctions on Turkey, would require our pension funds to sell all bonds or investment vehicles issued by the Turkish government.

The horror of the Armenian Genocide is something no Californian should ever forget. To that end, our school curriculum requires the study of the Armenian Genocide and this year I proclaimed April 24, 2018, as "Day of Remembrance of the Armenian Genocide". In addition, the state extended the statutory deadline for genocide victims or their heirs to seek legal redress.

While this subject is profoundly important, the bill as written is mostly symbolic. Moreover, I am reluctant to force yet another disinvestment measure on our already stressed pension systems.


Edmund G. Brown Jr.