Mr. Speaker, I rise to introduce the Darfur Accountability and Divestment Act of 2006. As a Member of Congress who traveled to Darfur and visited the refugees in camps along the Chadian border, I am confident that now is the time for a…
Mr. Speaker, I rise to introduce the Darfur Accountability and Divestment Act of 2006.
As a Member of Congress who traveled to Darfur and visited the refugees in camps along the Chadian border, I am confident that now is the time for a two-pronged approach of diplomacy and divestment to end the genocide in Darfur.
As many of you know, divestment was a successful tool in ending the apartheid in South Africa. Similarly, we must make sure that the federal government prohibits contracts to multinational businesses enterprises if they maintain business relationships and investments with Sudan and other national, regional, and local governments involved in genocide or participating in business activities with any warring parties or rebel groups perpetrating genocide.
Today, state legislatures, colleges, and universities are leading divestment campaigns to pressure the Khartoum regime and show the international community that to achieve an end to the fighting, peace, truth, and reconciliation are needed immediately in Darfur.
The hard earned money of American citizens should not be used to support a pariah government that is killing its own people and supporting terrorists.
State legislatures in Illinois, New Jersey, Oregon, and Maine have passed legislation mandating divestment of State funds from companies that conduct business in Sudan. California, Massachusetts, Rhode Island, North Carolina, Kansas, Wisconsin, Indiana, Georgia, Maryland, New York, Iowa, and Texas have considered or are considering legislation to divest State funds from companies that conduct business in Sudan. Connecticut, Ohio, and Vermont have passed nonbinding divestment legislation with respect to Sudan; and Arizona, Louisiana, Missouri, and Pennsylvania have adopted screening processes for investments in companies that conduct business in countries that are sponsors of terrorism, including Sudan.
Additionally, Students Taking Action Now: Darfur (STAND) has launched successful student campaigns across the country, driving their respective colleges and universities to divest from companies doing business with Sudan.
Amherst, Boston University, Brandeis, Brown, Columbia, Dartmouth, Harvard, Middlebury, Oberlin, Princeton, the Reconstructionist Rabbinical College, Samford, Simmons, Smith, Stanford, Trinity, the University of California, the University of Maryland, the University of Pennsylvania, the University of Southern California, the University of Vermont, the University of Washington, Williams, and Yale have all divested their funds from, or placed restrictions on investment of their funds in, certain companies that conduct business in Sudan.
The Darfur Accountability and Divestment Act aplauds the divestment efforts of the state and local government, colleges, and universities.
Mr. Speaker, my bill would also require the Securities and Exchange Commission's (SEC) Division of Corporate Finance and the U.S. Treasury to require all companies listing securities on United States capital markets, either directly or through a parent or subsidiary company, including partly-owned subsidiaries, have business operations in a country with a genocide declared by the Department of State or Congress, to disclose the nature of their business operations.
The Darfur Accountability and Divestment Act of 2006 would require:
(1) The Securities and Exchange Commission's (SEC) Division of Corporate Finance and the U.S. Treasury to require all companies listing securities on United States capital markets, either directly or through a parent or subsidiary company, including partly-owned subsidiaries, have business operations in a country with a genocide declared by the Department of State or Congress, to disclose the nature of their business operations.
(2) The United States Government (federal) to prohibit contracts with multinational business enterprises if:
(a) They maintain business relationships and investments with national, regional and local governments involved in genocide; and
(b) They participate in business activities with the government or government entities.
(c) Exemptions for businesses who are working in areas of Sudan that have been neglected by the Khartoum regime (Darfur, Southern Sudan, Kordofan/Nuba Mountain State, Blue Nile State or Abyei) or who are providing immediate humanitarian assistance (delivery of food aid, road construction, basic sanitation, education, etc.).
(3) Recognition and support of:
(a) States and Cities that have divested or are in the process of divesting State and City funds from companies that conduct business in Sudan; and
(b) United States colleges and universities that have divested their funds from, or placed restrictions on investments of their funds in, companies that conduct business in Sudan.
(c) Provides preemption protection for states and universities who have sponsored their own divestment campaigns.
(4) Within 180 days, the Government Accountability Office (GAO) to investigate the existence and extent of all Federal Retirement Thrift Investment Board investments with national, regional and local governments involved in genocide; or business activities with any warring parties perpetrating genocide; or related to debt-obligations issued by the government of Sudan;
(5) The following reports not later than 60 days after enactment:
(a) The Chairman of the Securities and Exchange Commission shall report to Congress the names of the business enterprises and the details of their business operations in Sudan;
(b) And biannually thereafter, the Office of Global Security Risk shall report to Congress the names of the business enterprises and the details of their operations in Sudan;
(6) The Chairman of the Securities and Exchange Commission (SEC) to maintain and publish a list of the names of the business enterprises identified by the Securities and Exchange Commission as having ties with perpetrators of genocide.
Please join me in sending a message to the international community and out national pension funds that we do not want blood on our hands.
Mr. Speaker, I encourage you to lend your support to the Darfur Accountability and Divestment (DADA) Act of 2006.