HB4083 mandates that the State Treasurer and the Oregon Investment Council divest the state's Public Employees Retirement Fund from thermal coal companies. Investments may be retained if the companies are transitioning to clean energy. The Treasurer is also required to provide annual reports to the Legislative Assembly on the actions taken.
The Oregon State Senate passed HB4083 on March 5, 2024 by a vote of 16 to 13. We have assigned pluses to the nays because prioritizing political agendas over financial returns undermines the free market and threatens investments made by public employees. Divesting from thermal coal companies based on ideology, rather than sound economic principles, is a push to advance the green agenda, including initiatives such as the United Nations' Agenda 2030. Additionally, taxpayers and employees should not be forced to fund the state’s Public Employees Retirement Fund, which should be handled by the private sector.
