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House Bill 1293 divests the state's investments from Russian debt,
welcomes Ukrainian refugees to Illinois and develops a method for
detecting Russian money laundering in local real estate.
State Rep. Lindsey LaPointe, D-Chicago, sponsored the measure in the
House, where it passed last spring but wasn’t taken up in the Senate
until Wednesday.
“Innocent civilians, children, babies have been caught in the
crossfire of a cruel and avoidable war,” LaPointe said when
introducing the legislation.
LaPointe’s bill would require divestment from Russian stocks, along
with those from Russian ally Belarus. It names the Teachers’
Retirement System and urges public systems not controlled by the
state to do the same.
Gov. J.B. Pritzker called on state employee pension systems to
review their portfolios for divestment possibilities.
The legislation also gives the Illinois Department of Human Services
authority to create a Ukrainian Refugee Resettlement Program.
The measure was amended in the Senate Wednesday and now goes back to
the House for concurrence before it heads to the governor for his
signature. Lawmakers return to Springfield the week after
Thanksgiving.
Several other states, including New Jersey, California,
Pennsylvania, Colorado and New York, announced plans to have their
public employee funds either divest their holdings from
Russian-controlled investment vehicles or cease any new investments.
Kevin Bessler reports on statewide issues in
Illinois for the Center Square. He has over 30 years of
experience in radio news reporting throughout the Midwest.
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