OKLAHOMA CITY - State Representative Jason Murphey (R-Guthrie) has won approval from House Leadership for the first interim study of the 2007 legislative session. In April, Murphey announced he would ask Speaker Lance Cargill for approval to conduct an interim study to develop statutory language that could be used to force Oklahoma pension funds to stop investing in foreign corporations that operate in terrorist-sponsoring nations. Cargill approved Murphey's request earlier this month.

Murphey cited a report by The Center for Security Policy which details that 18% of the Oklahoma Teachers' Retirement System and 14% of the Oklahoma Public Employees' Retirement System has been invested in foreign companies having an estimated 71 billion dollars worth of projects invested in terrorist-sponsoring nations, with a large number investing in Iran.

Murphey explains that it is basically illegal for businesses based in the United States to do business with the government of the terrorist-sponsoring nation of Iran. However, because European companies are outside the jurisdiction of the United States, they can ignore the U.S. policy prohibiting individuals from helping the government of Iran rebuild their aging infrastructure. Murphey states that the revenue generated by this infrastructure can be used by Iran to arm and train Hezbollah terrorists, train and supply Shiite militia groups in Iraq with weapons which are being used to kill U.S. troops, shelter members of Al Qaeda, build Shehab 3 ballistic missiles and even piece together nuclear bombs.

"I do not believe that our state employees, teachers and taxpayers are aware that their retirement funds have been used in such a manner," Murphey said.

Murphey said that the aging oil supply infrastructure in Iran will make it more difficult for the Iranian government to continue their policy of financing terrorist organizations. Oil revenue is estimated to account for as much as 50% of Iran's revenue. However, several European companies, including those in which Oklahoma funds are invested, have snubbed their noses at U.S. policy and are working to help Iran rehabilitate infrastructure. "Without the threat of divestment, these companies will continue to support our enemies," Murphey said.

Earlier this year the House unanimously approved Murphey's House Resolution 1026, which encouraged the managers of Oklahoma's pension funds to divest from the foreign corporations.

Murphey feels it is important for the health of Oklahoma pension funds to divest from these companies since 15 other states across the nation are considering their own versions of legislation mandating the divestment of pension dollars. Legislators in Florida have already passed an Iran divestment law and the California General Assembly recently voted unanimously to enact a similar law. “As more and more American pension dollars are pulled out of these companies, our investments in them will be placed at risk. It would be wise for us to divest of those companies as soon as possible,” Murphey said.

Anyone wishing to obtain a copy of the Center for Security Policy Report may do so by visiting www.housedistrict31.com.