Supervisor Anderson Seeks to Divest County Funds from Islamic Republic of Iran

(SAN DIEGO — December 1, 2023) San Diego County Supervisor Joel Anderson is announcing his proposal to ensure that County pensions are not in violation of federal sanctions on the Islamic Republic of Iran and thus, not being used to finance terrorism. The item is set to be voted upon at the San Diego County Board of Supervisors Meeting on Tuesday, December 5, 2023.

Anderson’s action arises after Hamas, a Palestinian terrorist group historically funded by the Islamic Republic of Iran, murdered and injured thousands of innocent civilians, including Americans, during their October 7th terrorist attack on Israel. According to the U.S. Department of State, the Islamic Republic of Iran provides approximately $100 million annually to terrorist organizations, including Hamas, Palestinian Islamic Jihad and other groups.

“We know that money is the mother’s milk of terrorism throughout the Middle East,” said Supervisor Anderson. “In light of Hamas’ murderous attack on Israel, it is critical that San Diego County’s investment funds will in no way play a role in assisting the Islamic Republic of Iran’s continued funding of terrorist groups and their activities.”

Anderson’s plan would require the San Diego County Employees Retirement Association and County Treasurer to verify that all of their current investment portfolios are in compliance with federal sanctions on Iran — and specifically prohibit future unlawful investments with the Islamic Republic of Iran, companies doing business with the state, and any other entities identified by the U.S. government as contributors to terrorist organizations.

The action would mirror similar steps taken by the State of California in 2007, a movement also spearheaded by Anderson during his first year serving in the State Assembly.

Anderson’s landmark legislation required the California Public Employees’ Retirement System and the California State Teachers’ Retirement System to divest from companies that violated federal law by doing business in the Islamic Republic of Iran.

This resulted in the divestment of over $24 billion of state public pensions from the Islamic Republic of Iran. 28 other states and the United States Congress followed in Anderson’s footsteps to introduce similar laws.

Media are invited to join Supervisor Anderson for a press conference Tuesday morning before the board meeting. Read Anderson’s full board letter here.