The Chicago City Council urged the city’s largest employee pension fund to divest from Iran.
The council unanimously approved a non-binding resolution this week that encouraged the Municipal Employees Annuity and Benefit Fund of Chicago to divest from companies doing business with Iran’s energy sector. Divestment would be gradual.
If the fund follows through, Chicago would join New York City, Washington and 11 other U.S. cities in divesting from businesses involved in Iran. A number of states also have divested from Iran or are considering legislation that would do so.
The Chicago-area Jewish Community Relations Council lobbied to pass the resolution. B’nai B’rith International praised the work of the Chicago City Council.
“Chicago’s city government has set an important example for other municipalities to get on board to isolate Tehran,” B’nai B’rith President Allan Jacobs, a resident of the Chicago suburb of Lake Forest, Ill., said in a statement. “Sanctions are working. Resolutions such as this are helping unite local governments as well as the global community in a cohesive effort to isolate Iran.”