WashCo Dems Call to Action: Divest Oregon
Transparency, and subsequent accountability, are pillars of good governance, and something we can all support! It is important to know how our state’s money is being invested! Call your legislator!
Deadline for action:
Divest Oregon, is working to support HB4115, the Treasury Transparency Bill. The chief sponsors for this bill are Reps. Pham and Holvey, and Sen. Golden. The bill would require the Oregon Investment Council (OIC) to make publicly available a complete list of assets currently held in investment funds by December 1st each year. In addition, the Oregon Investment Council and the State Treasurer would make publicly available any documents or other information in the possession of the council or the State Treasurer that relate to assessments of climate- related financial risk to assets held in investment funds.
The Oregon Treasury has a responsibility to prudently invest the funds it manages for the well-being of Oregonians and our future. The Treasury Transparency Bill (HB 4115), sponsored by Representatives Khan Pham (HD 46) and Paul Holvey (HD 8) and Senator Jeff Golden (SD 3), would ensure that the Oregon Treasury publicly releases its asset holdings annually. Transparency is the first step in addressing the risks of climate change to Oregonians.
The Oregon Treasury must invest in a future shaped by the opportunities of clean energy and the necessity of a sustainable and just energy transition.
This bill will require the Treasury to annually publicize all of its portfolio holdings and to form a workgroup to understand the fossil-fuel impacted holdings of the Treasury. The Divest Oregon coalition aims to ensure the Oregon Treasury is looking at the long-term soundness of its investments, in particular in the context of fossil fuel investments and long-term climate risk that poses a threat to the fund’s portfolio, including the $97B that is in public employee pension funds.
Investment transparency is an excellent first step in protecting our pensions from the rapid decline of the fossil fuel industry. Join us in contacting our legislators to ensure this bill is passed.
- Contact your legislator and ask them to support HB4115 by email, phone, social media, or in person.
- “As your constituent, I am urging you to support the Treasury Transparency Bill (HB 4115) sponsored by Rep. Holvey, Rep. Pham, and Sen. Golden in the 2022 legislative session. I believe the Oregon Treasury has a responsibility to prudently invest the funds it manages for the well-being of Oregonians and our future. Prudent investment demands protection from the environmental, social, and governance risks of climate change and the accompanying financial risks of fossil fuel investments. This bill will mandate the Treasury to publicly release a list of all portfolio holdings in every asset class annually and to make any climate risk assessment public.Accountability begins when we can follow the money. We need to know the exposure of the state to climate risks in order to address those risks. Our investments should support state pensioners, not undermine their future by bankrolling a climate crisis linked to drier summers, unprecedented forest fires, and heat domes in Oregon. I join with the 80+ organizations in the Divest Oregon coalition in calling on you to support this bill.”
- For information about HB4115 go to https://www.divestoregon.org/treasury-transparency-bill/