LA Treasurer joins other states in divesting Russian investments – KATC News

Louisiana State Treasurer John M. Schroder has joined a number of other State Treasurers across the country in an effort to stop the Russian invasion of Ukraine.

The treasurers are pledging to divest their state-controlled investments in Russian companies.

"I am sickened by the images of the unprovoked Russian invasion of Ukraine," says Louisiana State Treasurer John M. Schroder. "Louisiana Treasury is joining other states in divesting from any Russian investments in an attempt to do our share in forcing an end to this invasion and crippling the Russian government."

According to Schroder, Louisiana Treasury manages one fund that currently owns international stocks with any exposure to Russia.

The Treasury Department says The Louisiana Education Quality Trust Fund (LEQTF) investment is an index fund managed by Vanguard. The index held less than 1% in Russian stocks. The index removed all Russian stocks on March 7, 2020.

See the full statement from the joint treasurers below:

"We, the undersigned State Treasurers, condemn Russia's unprovoked and unjustified invasion of Ukraine. The Russian invasion is a threat to democratic freedoms and global stability and cannot be tolerated. State governments invest a significant amount of public funds with some invested in Russian-domiciled companies. Actions taken by states can help the people of Ukraine by putting additional pressure on the Russian economy to force an end to this invasion. These actions are not only morally imperative, but the current crisis also constitutes a substantial risk for states' investments and our economic security. We cannot continue to invest funds in a way that runs counter to the foreign policy and the national interests of the United States. Moreover, we choose to stand on the side of freedom and security for free and independent democratic countries."

"Therefore, we support efforts at all levels of government and across the public and private sectors, which include cross-functional and multi-agency partnerships, to divest State Treasury and pension funds from investments in Russian-domiciled companies. We are committed to taking steps that include divesting as soon as possible to have the quickest and most meaningful impact on this tragic situation."

Treasurer Kimberly Yee, ArizonaTreasurer Dennis Milligan, ArkansasTreasurer Fiona Ma, CaliforniaTreasurer Dave Young, ColoradoTreasurer Shawn Wooden, ConnecticutTreasurer Colleen Davis, DelawareTreasurer Julie Ellsworth, IdahoTreasurer Michael Frerichs, IllinoisTreasurer Michael Fitzgerald, IowaTreasurer Lynn Rogers, KansasTreasurer Allison Ball, KentuckyTreasurer John Schroder, LouisianaTreasurer Henry Beck, MaineTreasurer Dereck Davis, MarylandTreasurer Deb Goldberg, MassachusettsTreasurer Rachael Eubanks, MichiganTreasurer David McRae, MississippiTreasurer Scott Fitzpatrick, MissouriTreasurer John Murante, NebraskaTreasurer Zach Conine, NevadaTreasurer Monica Mezzapelle, New HampshireTreasurer Elizabeth Muoio, New JerseyTreasurer Tim Eichenberg, New MexicoTreasurer Thomas Beadle, North DakotaTreasurer Robert Sprague, OhioTreasurer Randy McDaniel, OklahomaTreasurer Tobias Read, OregonTreasurer Stacy Garrity, PennsylvaniaGeneral Treasurer Seth Magaziner, Rhode IslandTreasurer Josh Haeder, South DakotaComptroller Glenn Hegar, TexasTreasurer Marlo Oaks, UtahTreasurer Mike Pellicciotti, Washington*Treasurer Sarah Godlewski, WisconsinTreasurer Riley Moore, West VirginiaTreasurer Curt Meier, WyomingTreasurer Carmen Pigler, District of ColumbiaCommissioner of Finance Bosede Bruce, U.S. Virgin Islands

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LA Treasurer joins other states in divesting Russian investments - KATC News