HOUSE MEMORIAL 66
48th legislature - STATE OF NEW MEXICO - second session, 2008
INTRODUCED BY
Daniel R. Foley
A MEMORIAL
URGING THE STATE INVESTMENT COUNCIL TO DEMAND THAT THE GENERAL ELECTRIC COMPANY STOP DOING BUSINESS IN IRAN.
WHEREAS, Iran is a state sponsor of terrorism, supplying funds and materials used to wound and kill United States soldiers in Iraq and Afghanistan; and
WHEREAS, a 1980 trade sanction prohibits United States citizens and companies from doing business with Iran; and
WHEREAS, the General Electric company uses an Italian subsidiary to sell Iran more than two hundred seventy million dollars ($270,000,000) a year in energy and medical equipment; and
WHEREAS, the state of New Mexico, through the state investment council, owns a total of five million three thousand three hundred twenty-five shares of General Electric company stock, representing an investment of two hundred twenty-five million dollars ($225,000,000), the largest investment the state has in any one company;
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF NEW MEXICO that the state investment council be urged to use its position as a major shareholder of public equities in the General Electric company to object strongly to the General Electric company's continued investments in Iran, both directly and through subsidiaries; and
BE IT FURTHER RESOLVED that the state investment council be requested to write directly to the board of directors of the General Electric company to demand that the company and its subsidiaries immediately halt any contracts, business and investments in Iran and refrain in the future from investing in governments that support terrorism; and
BE IT FURTHER RESOLVED that the state investment council consider the financial impact on the state of divesting from the General Electric company and any other companies that invest in governments that sponsor terrorism; and
BE IT FURTHER RESOLVED that a copy of this memorial be transmitted to the state investment council.
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