Bizzarro, Matzie and Snyder take action to impose economic cost to Russia

Introduce resolution to divest Pennsylvania from Russian holdings

HARRISBURG, Feb. 28 – A resolution (HR175) introduced by Reps. Ryan Bizzarro, Rob Matzie and Pam Snyder would make the Keystone State the latest to increase economic costs to Russia, following its unprovoked acts of imperialism against Ukraine.

“Russia’s actions must have consequences,” said Bizzarro, D-Erie. “A lot of legislators are talking about their support for Ukraine, but we must now demonstrate that support by using the leverage we have in Pennsylvania to put whatever pressure we can on Russia.”

The Pennsylvania School Employees Retirement System, State Employees Retirement System and the Pennsylvania Treasury manage millions of taxpayer dollars. This resolution would encourage them to cut ties with any brokerage firms, banks or investment companies and divest from any companies, real estate or other investments backed or owned by Russia or its citizens.

“We are joining national and global efforts to force Russia to cease fire,” said Snyder, D-Greene/Fayette/Washington. “Divesting all Pennsylvania investments from Russian companies and holdings is something we can do to keep the pressure on and send a message from the Keystone State to the Kremlin.”

“Pennsylvania, with one of the largest populations of Americans claiming Ukrainian ancestors, must participate in any and all sanctions. It’s the right thing to do,” said Matzie, D-Beaver/Allegheny.

If adopted, the resolution encourages every Pennsylvania public entity to stop doing business with Russia and take those monies elsewhere.

The resolution was introduced today as HR 175. To view the co-sponsorship memo, visit Divesting PA from Russian Holdings – PA Co-Sponsorship Memo.

A letter was sent to Governor Wolf at the same time, urging him to speed up the process via executive order. That letter can be found here.