h_bus_2016a_2016-02-23t13:34:28z3 Hearing Summary

Date: 02/23/2016

02:27 PM



The committee took a brief recess.



02:36 PM



The committee reconvened.



02:36 PM -- HB 16-1284



Representative Nordberg and Representative Moreno, co-sponsors, introduced House Bill 16-1284. The bill requires that the Public Employees' Retirement Association (PERA) take steps to identify all companies that have economic prohibitions against Israel. A list of these companies, referred to as restricted companies, is to be compiled by January 1, 2017, and updated biannually thereafter. PERA is required to notify each restricted company of its status in writing and to remove companies that cease to have prohibitions. If a company does not cease its prohibitions within 180 days of being contacted by PERA, PERA is required to sell, redeem, divest, or withdraw (divest) its assets of all publically traded securities (direct holdings) in the restricted company within 12 months. An exemption is created if divestments result in the value of all assets falling below 99.5 percent or 50 basis points of the assumed value of the portfolio with the inclusion of restricted companies. While a company is listed as restricted, PERA is prohibited from acquiring direct holdings in it. Upon request, and at least annually, PERA is required to post information about divestments of restricted companies on its website.



The sponsors responded to questions from the committee.



02:48 PM -- Tom Hall, Colorado Green Party, testified in opposition to the bill. Mr. Hall responded to questions from the committee.



02:51 PM -- Dr. Eric Anderson, representing himself, testified in opposition to the bill.



02:54 PM -- Neal Feldman, Jewish Voice for Peace, testified in opposition to the bill.



02:57 PM -- Sophia SanMiguel, representing herself, spoke about the bill.



02:59 PM -- Jan Miller, Friends of Sabeel, testified in opposition to the bill. Ms. Miller responded to questions from the committee. Ms. Miller provided a handout to the committee (Attachment F).



160223 AttachF.pdf



03:09 PM -- JoAnn Wacker-Farrand, representing herself, testified in opposition to the bill. Ms. Wacker-Farrand responded to questions from the committee.



03:13 PM -- Carla Henebry, Coloradans for Justice in Palestine, testified in opposition to the bill.



03:17 PM -- Pat Hewett, Friends of Sabeel, testified in opposition to the bill. Ms. Hewett responded to questions from the committee.



03:22 PM -- Gary Anderson, Friends of Sabeel, testified in opposition to the bill.



03:26 PM -- Richard Forer, Friends of Sabeel, testified in opposition to the bill. Mr. Forer responded to questions from the committee.



03:31 PM -- Doug Seserman, Jewish Colorado, testified in support of the bill. Mr. Seserman responded to questions from the committee.



03:37 PM -- Professor Jonathan Adelman, representing himself, testified in support of the bill. Professor Adelman responded to questions from the committee.



03:43 PM -- Rob Kaufman, Jewish Community Relations Council (JCRC), testified in support of the bill.



03:46 PM -- Ben Lusher, JCRC, testified in support of the bill.



03:49 PM -- Greg Smith, PERA, spoke to the committee about the bill. Mr. Smith responded to questions from the committee.



03:56 PM -- Eric Bar, representing himself, testified in opposition to the bill.



03:58 PM



Representative Nordberg and Representative Moreno discussed amendment L.001 (Attachment G).



160223 AttachG.pdf

04:00 PM



Representative Nordberg and Representative Moreno made closing remarks.

04:03 PM



The committee adjourned.