Bloomberg Law
June 21, 2022, 10:51 PMUpdated: June 24, 2022, 2:33 PM

California Pension Divestment Bill Blocked in Assembly (Correct)

Zach Bright
Zach Bright

A bill that would divest California’s pension systems from fossil fuels is effectively dead after a state Assembly committee chairman said he doesn’t plan to hold a hearing to advance it, divestment advocates said Tuesday.

The bill, S.B. 1173, would restrict the public employee and teachers pensions—CalPERS and CalSTRS—from investing more than $11 billion in funds in fossil fuels by 2030. But state Assemblyman Jim Cooper (D), who chairs the Committee on Public Employment and Retirement, opposes such a measure and has declined to hold a hearing this legislative session.

“Teachers and state employees whose retirement futures are invested by ...