Panel OKs state treasurer’s office anti-terrorism investment policy

CARSON CITY -- A policy to ensure the treasurer's office does not invest money with companies or individuals engaged in terrorist activities was adopted by a state panel Wednesday.

The Board of Finance, which includes Gov. Jim Gibbons and Treasurer Kate Marshall, unanimously approved the "terror free" investment policy.

The board also adopted a policy establishing guidelines on how to divest from a company or individual that may be added to the federal government's list of those involved in terrorism.

Marshall said her office's investments currently are "clean."

The intent of the policy is not political but financial, she said.

The state's portfolio is primarily invested in U.S. treasuries, Marshall said.

So it would make no sense for Nevada to do business with companies seeking to undermine the U.S. government, she said.

"That would impact our investments in U.S. treasuries and U.S. agencies," Marshall said. "It doesn't make financially prudent sense to invest in entities or persons that seek to undermine the value of the majority of your investments."

The policy was not mandated by the federal government, she said.

It was amended to ensure that the five-member Board of Finance receives an update every four months on the status of its investments as they relate to the new policy.

Dana Bilyeu, executive officer of the Public Employees Retirement System, said the state retirement fund has a similar policy in place using the list provided by the U.S. Office of Foreign Asset Control.

"We screen our portfolio on a daily basis," she said.

Bennett said the anti-terrorism investment policy is unrelated to other political concerns, such as efforts in the U.S. and elsewhere to divest from companies that provide economic support for the government of Sudan because of its treatment of the people living in Darfur.