Senate OKs fiduciary pass for Sudan divestment

The Senate late Wednesday approved legislation that would allow pension and mutual funds to divest holdings of companies doing business in Sudan without having to worry about fiduciary lawsuits. The measure now goes to the House, which approved similar legislation earlier this year. Justine Sessions, spokeswoman for Sen. Chris Dodd, D-Conn., a proponent of the legislation, said the House was expected to vote on the “Sudan Accountability and Divestment Act” as soon as Monday. A Senate aide, who asked not to be identified, said the Senate’s bill attempted to deal with Bush administration concerns in the House version of the bill. One key difference, according to this official, is that the House version would require publication of a list of sanctioned companies while the Senate version requires no list.