US Senate OKs cutting investment with Sudan

State and local governments and other institutions could divest Sudan related investments under legislation passed by the Senate late Wednesday despite administration opposition.

US Senate OKs cutting investment with Sudan
The bill, designed to pressure Sudan and sponsored by Sen. Chris Dodd, D-Conn., was approved shortly before midnight under a consent agreement in which no vote was taken.

The House passed a similar bill July 31 by a 418-1 vote. Dodd said his version will now go to the House for consideration.

It remained unclear, however, what legislation, if any, eventually will become law in the face of administration opposition.

The administration argues the legislation would infringe on a president's constitutional power to establish and execute U.S. foreign policy.

A letter from the Justice Department to the Senate Democratic and Republican leaders suggested the courts might become involved in knocking down a provision that would give congressional authorization for state and local governments' divestment schemes.

The letter was circulated in November by the Save Darfur Coalition.

The Senate bill would allow states and localities to divest from companies involved in certain Sudanese business sectors and allow mutual fund and private pension managers to cut ties with those same companies.

Dodd is chairman of the Senate Banking Committee, which approved the bill unanimously in October.


Güncelleme Tarihi: 13 Aralık 2007, 16:04