New Jersey Gov. Chris Christie on Tuesday signed into law a bill that would prevent the $71.5 billion New Jersey Pension Fund, Trenton, from investing in companies that boycott, divest from or sanction Israel or Israeli businesses.
The law requires the Division of Investment, the unit of the Treasury Department that makes investments for the pension fund, and the State Investment Council, which governs and monitors investment policies, to “take appropriate action” regarding investments that violate the law. Such actions include selling, redeeming, divesting or withdrawing “any investment held in violation” of the law.
“Standing with Israel, for peace and democracy, requires more than just pledging military defense and support,” Mr. Christie said in a news release Tuesday. “It is in all of our best interests to invest in and partner with Israel, while opposing any attempt to wipe out Israel, economically or otherwise.”
Mr. Christie was referring to the anti-Israel boycott, divestment and sanctions campaign.
The news release described the BDS campaign as “an attempt to weaken and overtake Israel by creating economic calamity.”
In June, the legislation was approved 37-0 in the state Senate and 70-3 with two abstentions in the state General Assembly.