Mastriano, Garrity Plan to Divest PA from Chinese Communist Party Holdings
Mastriano Introduces Bill to Divest PA from Chinese Communist Party;
Treasurer Garrity Announces Support for Divestment Plan
HARRISBURG – In an effort to combat the influx of fentanyl into Pennsylvania communities and take a stand against moral transgressions, state Sen. Doug Mastriano (R-33) today introduced a bill to divest all commonwealth holdings in companies controlled by the Chinese Communist Party (CCP).
Pennsylvania State Treasurer Stacy Garrity also announced support for the plan to divest all holdings in Chinese companies.
“Due to serious concerns about geopolitical risk involving China, as well as the country’s record of serious human rights abuses, I directed my investment team to divest all of Treasury’s holdings in China in the first half of 2022,” Garrity said. “I believe it would be smart to do the same across all Commonwealth funds, and I applaud Senator Mastriano for introducing this legislation.”
“The CCP has used force and aggression to commit genocide against Uyghur Muslims, methodically erode self-rule in Hong Kong, weaken democracy in Taiwan, and abuse basic human rights in Tibet. Here in Pennsylvania, much of the fentanyl that has killed tens of thousands of our citizens is manufactured in China. The CCP knows this and has refused to take measures to stop its production and export. It is far past time to take a moral stand and separate our state funds from companies controlled by the CCP.”
Mastriano’s Senate Bill 1141 bill would require the state treasurer and the commonwealth’s two largest public pension systems – the State Employees’ Retirement System (SERS) and Public School Employees’ Retirement System (PSERS) – to gradually divest from holdings in companies controlled by the CCP.
“We want our two public pension systems – SERS and PSERS – to enhance their earnings, but not by investing in companies that benefit a regime that routinely commits human rights violations,” Mastriano said.
Chinese President Xi Jinping and his government are accused of committing wide-ranging atrocities and human rights violations. The regime’s widespread and systematic persecution of the Uyghurs and other Muslim minorities on religious, cultural and ethnic grounds, combined with other violations based on gender, constitute crimes against humanity. The United Nations in August 2023 released a report assessing human rights concerns in China’s Xinjiang Uyghur Autonomous Region.
According to the DEA, much of the fentanyl that has killed Pennsylvanians in the ongoing opioid epidemic was manufactured in China.
Mastriano’s bill has been introduced and sent to the Senate Finance Committee for consideration.
Constituents of the 33rd District can learn more about Mastriano by visiting his website at SenatorMastriano.com or following him on Facebook at Facebook.com/SenatorDougMastriano.
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Media contact: Josh Herman
717-787-9603
