52:18A-89.13 Findings, declarations relative to investment of State funds in companies boycotting Israel.
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1. The Legislature finds and declares that:
Israel and the United States are allies sharing a common bond rooted in the values of freedom, democracy, and equal rights.
The State of New Jersey is committed to supporting Israel and maintaining the strong New Jersey-Israel relationship that has existed since the founding of the Jewish state in 1948, recognizing that the United States and Israel have mutually benefitted from being allies, including economic cooperation, which Congress has determined materially benefits the United States.
The State is deeply concerned about the Boycott, Divestment and Sanctions
(BDS)effort to boycott Israeli goods, products, and businesses which is contrary to federal policy articulated in numerous laws.
The State and Israel have a long history of friendship based on economic, cultural, intellectual, and political cooperation and exchange, and the elected representatives of New Jersey recognize and support Israel's right to exist as a Jewish state.
More than $1.3 billion in goods and services are traded annually between New Jersey and Israel, and the two trading partners continue to look for and find new opportunities to enhance cooperation and initiatives of mutual economic benefit.
Boycotts, divestments, and sanctions place economic and political pressure on business entities, and other organizations and institutions to influence their behavior against Israel.
It is fitting and appropriate that the State of New Jersey reaffirm its interest in viable trade and exchange with an ally of the United States and a vibrant economic partner of the State.
Economic cooperation and political reconciliation are necessary for building mutual trust and foundations for a lasting peace in the Middle East.
Both Israelis and Palestinians have the right to live safely and securely in their homes, free from fear and violence, with mutual recognition, trade, and normalization of relations as neighbors.
The strengthening of New Jersey-Israel cooperation recognizes the beneficial economic and technological value of that cooperation including for improving the competitive capabilities in global markets for both New Jersey and Israel.
Nationality-based boycott actions are often veiled discrimination, and it is against the public policy of New Jersey to support such discrimination.
Boycotts, such as those against Israel, do not make for effective business decision making, prevent a business from making the best use of the resources available to it and should be opposed as an impairment to the soundness of commercial contracting performance.
It is important to the economic well-being of New Jersey that persons or entities conducting commercial trade and doing business in the State do not engage in boycotts of a legitimate and viable partner with whom New Jersey can enjoy open trade contracting.
Therefore, it is in the best interest of this State that a statutory prohibition be enacted to prohibit the investment of public employee retirement funds in companies boycotting Israel.
L.2016, c.24, s.1.