OKLAHOMA CITY – State Rep. Jason Murphey said recent congressional action may make it easier for Oklahoma to divest from foreign corporations supporting terrorist-sponsoring nations.

"I doubt the average state employee, teacher or taxpayer realizes that their retirement funds may be indirectly financing terrorist activity," said Murphey, R-Guthrie. "If given the opportunity, I believe most Oklahomans would support legislation that prevents the diversion of their retirement funds to countries such as Iran, and thanks to Congress, that task may become easier."

The U.S. House of Representatives recently supported the Iran Sanctions Enabling Act of 2007 by an overwhelming vote of 408-6 to aid state-level efforts to divest of foreign corporations that invest in Iran's petroleum and natural gas sector.

The bill will establish a federal list of companies with more than $20 million invested in Iran's energy sector and remove specific legal barriers to enable mutual fund and corporate pension fund managers to cut ties with the listed companies if the managers choose to do so. The act also seeks to protect mutual fund managers who divest from such companies from potential lawsuits.

Murphey noted a report by The Center for Security Policy showed that 18 percent of the Oklahoma Teachers' Retirement System and 14 percent 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.

"Although it is basically illegal for companies based in the United States to do business with the government of Iran due to its sponsorship of terrorism, American money continues to flow into that country through indirect means," Murphey said. "Because European companies are outside the jurisdiction of the United States, they can ignore U.S. policy and American companies can invest in those European companies doing business with Iran. In turn, Iran often uses those investment dollars to rebuild its aging infrastructure. Without the threat of divestment, these companies will continue to support our enemies."

Murphey noted the revenue generated can be used by Iran and other terrorist-supporting nations to arm and train Hezbollah terrorists, shelter members of

Al Qaeda, build Shehab 3 ballistic missiles and even piece together nuclear bombs.

Thirty-one other states are contemplating or have passed Iran divestment bills – including Florida, California, Ohio, Illinois, Texas, New York and New Jersey.

Early this year the Oklahoma House unanimously passed House Resolution 1026, which encouraged the managers of Oklahoma's pension funds to divest from the corporations aiding terrorist sponsoring nations.

Murphey plans to work for a statutory requirement mandating the Oklahoma divestment program.