SACRAMENTO—On Wednesday, the California State Assembly Public Employment, Retirement, and Social Security (PERSS) Committee voted to adopt Assembly Bill 1410, which calls for the divestment of the State of California’s investments in the Turkish government. The bill was co-authored by Assemblymen Adrin Nazarian, Katcho Achadjian, and Scott Wilk. It passed in committee by a vote of six in favor, one abstention, and none opposed.
If AB 1410 is passed on the State Assembly floor, ratified in the State Senate and signed into law by Governor Jerry Brown, it would provide that California divest a major part of its holding in Turkish government bonds and other Turkish government investment instruments. The bill targets approximately half a billion dollars in funds that have been invested by the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS).
Alongside the Return the Churches Resolution, which was introduced in last year’s Congress, this bill is perhaps the most far-reaching legislation related to the Armenian Genocide introduced within the United States to date.
Earlier this week, Assemblymen Nazarian and Achadjian co-authored an op-ed in the Sacramento Bee, in which they called for U.S. recognition of the Armenian Genocide and highlighted AB 1410.