[Congressional Record (Bound Edition), Volume 152 (2006), Part 14]
[Extensions of Remarks]
[Pages 19087-19088]
[From the U.S. Government Publishing Office, www.gpo.gov]




            DARFUR ACCOUNTABILITY AND DIVESTMENT ACT OF 2006

                                 ______
                                 

                            HON. BARBARA LEE

                             of california

                    in the house of representatives

                      Thursday, September 21, 2006

  Ms. LEE. Mr. Speaker, I rise to introduce the Darfur Accountability 
and Divestment Act of 2006.
  As a Member of Congress who traveled to Darfur and visited the 
refugees in camps along the Chadian border, I am confident that now is 
the time for a two-pronged approach of diplomacy and divestment to end 
the genocide in Darfur.
  As many of you know, divestment was a successful tool in ending the 
apartheid in South Africa. Similarly, we must make sure that the 
federal government prohibits contracts to multinational businesses 
enterprises if they maintain business relationships and investments 
with Sudan and other national, regional, and local governments involved 
in genocide or participating in business activities with any warring 
parties or rebel groups perpetrating genocide.

[[Page 19088]]

  Today, state legislatures, colleges, and universities are leading 
divestment campaigns to pressure the Khartoum regime and show the 
international community that to achieve an end to the fighting, peace, 
truth, and reconciliation are needed immediately in Darfur.
  The hard earned money of American citizens should not be used to 
support a pariah government that is killing its own people and 
supporting terrorists.
  State legislatures in Illinois, New Jersey, Oregon, and Maine have 
passed legislation mandating divestment of State funds from companies 
that conduct business in Sudan. California, Massachusetts, Rhode 
Island, North Carolina, Kansas, Wisconsin, Indiana, Georgia, Maryland, 
New York, Iowa, and Texas have considered or are considering 
legislation to divest State funds from companies that conduct business 
in Sudan. Connecticut, Ohio, and Vermont have passed nonbinding 
divestment legislation with respect to Sudan; and Arizona, Louisiana, 
Missouri, and Pennsylvania have adopted screening processes for 
investments in companies that conduct business in countries that are 
sponsors of terrorism, including Sudan.
  Additionally, Students Taking Action Now: Darfur (STAND) has launched 
successful student campaigns across the country, driving their 
respective colleges and universities to divest from companies doing 
business with Sudan.
  Amherst, Boston University, Brandeis, Brown, Columbia, Dartmouth, 
Harvard, Middlebury, Oberlin, Princeton, the Reconstructionist 
Rabbinical College, Samford, Simmons, Smith, Stanford, Trinity, the 
University of California, the University of Maryland, the University of 
Pennsylvania, the University of Southern California, the University of 
Vermont, the University of Washington, Williams, and Yale have all 
divested their funds from, or placed restrictions on investment of 
their funds in, certain companies that conduct business in Sudan.
  The Darfur Accountability and Divestment Act aplauds the divestment 
efforts of the state and local government, colleges, and universities.
  Mr. Speaker, my bill would also require the Securities and Exchange 
Commission's (SEC) Division of Corporate Finance and the U.S. Treasury 
to require all companies listing securities on United States capital 
markets, either directly or through a parent or subsidiary company, 
including partly-owned subsidiaries, have business operations in a 
country with a genocide declared by the Department of State or 
Congress, to disclose the nature of their business operations.
  The Darfur Accountability and Divestment Act of 2006 would require:
  (1) The Securities and Exchange Commission's (SEC) Division of 
Corporate Finance and the U.S. Treasury to require all companies 
listing securities on United States capital markets, either directly or 
through a parent or subsidiary company, including partly-owned 
subsidiaries, have business operations in a country with a genocide 
declared by the Department of State or Congress, to disclose the nature 
of their business operations.
  (2) The United States Government (federal) to prohibit contracts with 
multinational business enterprises if:
  (a) They maintain business relationships and investments with 
national, regional and local governments involved in genocide; and
  (b) They participate in business activities with the government or 
government entities.
  (c) Exemptions for businesses who are working in areas of Sudan that 
have been neglected by the Khartoum regime (Darfur, Southern Sudan, 
Kordofan/Nuba Mountain State, Blue Nile State or Abyei) or who are 
providing immediate humanitarian assistance (delivery of food aid, road 
construction, basic sanitation, education, etc.).
  (3) Recognition and support of:
  (a) States and Cities that have divested or are in the process of 
divesting State and City funds from companies that conduct business in 
Sudan; and
  (b) United States colleges and universities that have divested their 
funds from, or placed restrictions on investments of their funds in, 
companies that conduct business in Sudan.
  (c) Provides preemption protection for states and universities who 
have sponsored their own divestment campaigns.
  (4) Within 180 days, the Government Accountability Office (GAO) to 
investigate the existence and extent of all Federal Retirement Thrift 
Investment Board investments with national, regional and local 
governments involved in genocide; or business activities with any 
warring parties perpetrating genocide; or related to debt-obligations 
issued by the government of Sudan;
  (5) The following reports not later than 60 days after enactment:
  (a) The Chairman of the Securities and Exchange Commission shall 
report to Congress the names of the business enterprises and the 
details of their business operations in Sudan;
  (b) And biannually thereafter, the Office of Global Security Risk 
shall report to Congress the names of the business enterprises and the 
details of their operations in Sudan;
  (6) The Chairman of the Securities and Exchange Commission (SEC) to 
maintain and publish a list of the names of the business enterprises 
identified by the Securities and Exchange Commission as having ties 
with perpetrators of genocide.
  Please join me in sending a message to the international community 
and out national pension funds that we do not want blood on our hands.
  Mr. Speaker, I encourage you to lend your support to the Darfur 
Accountability and Divestment (DADA) Act of 2006.

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