Should California Divest from Israel?
Two new ballot initiatives were cleared for circulation this week by the Secretary of State's office. This is the stage where backers must get over 400,000 signatures from Californians to qualify for the ballot. Of the two, the most notable one would prohibit state retirement funds from investing in Israel.
Specifically, the Public Employees’ Retirement System and State Teachers’ Retirement System would be verboten from "investing in companies doing business in Israel," according to the proposition's language. Continued: "Requires these funds to sell existing investments in companies that continue to do business in Israel. Requires divestment to comply with fiduciary responsibilities." Some investments would be excluded, such as humanitarian, health and educational efforts.
Why do this? In an e-mail to LAist, the prop's sponsor explains. "It has been 17 years since the Oslo Peace Accords were signed between the Palestinians and the Israelis and the occupation and settlement of Palestine by Israel continues," writes Chris Yatooma. "My government does nothing to change this violation of international law and in fact is complicit in the violation of the law because it provides $3.5 billion in taxpayers funds to Israel that supports these settlement activities. Just as it took local and state government campaigns to change Apartheid South Africa through boycotts and divestments, we plan a similar peaceful economic boycott and divestment of Israel until it ends its occupation of Paletine."