December 1, 2010
This week the House Financial Services Subcommittee on International Monetary Policy held a hearing to review a recent Government Accountability Office (GAO) report requested by Congressman Mike Capuano and some colleagues entitled "Sudan Divestment: U.S. Investors Sold Assets but Could Benefit from Increased Disclosure Regarding Companies' Ties to Sudan." In December 2007, Congress enacted the Sudan Accountability and Divestment Act (SADA) which safeguards states and investment companies that choose to divest from companies with business ties to Sudan.
The GAO report examines steps taken since the passage of SADA by private investment companies and states with Sudan-related investments and discusses the factors they considered when making these decisions. The hearing further examined the Sudan divestment legislation and its impacts.
"SADA represented a major milestone for those who want to ensure their investments do not fund genocide or mass atrocities. We say 'never again' but we must take the necessary actions to ensure that our investments aren't inadvertently financing criminal behavior and this includes making it easier for investors to divest in cases of extreme violence or crisis," stated Congressman Capuano.
Today's hearing was an important step in assessing both the progress made by the Sudan Accountability and Divestment Act and the need for further action. "Let's not forget that this divestment campaign started because of a genocide, and that there are actual human lives at stake. I will continue to work with my colleagues to ensure that Congress can have a constructive role in helping to prevent American investments in countries committing such atrocities," stated Congressman Capuano.
Contact: Alison M. Mills (Rep. Capuano) 617-621-6208