US President Bush signs Sudan divestment bill
By Wasil Ali
December 28, 2007 (WASHINGTON) — After a long delay US president Bush signed into a law the “Sudan Accountability and Divestment Act of 2007″ passed by the Congress.
The bill aims at providing protection from lawsuits to State and local divestment efforts in Sudan to sanction it over the Darfur crisis labeled genocide by the US administration.
The bill also allows asset managers to divest from foreign companies operating in Sudan without being deemed in violation of their fiduciary duty. Also no government agency shall grant federal contracts to companies believed to be conducting business in Sudan unless they certify otherwise.
The Sudan Accountability and Divestment Act of 2007 specifically targets the main sources of revenue of Khartoum; oil, power production, mining and military equipment. It will only impact foreign companies since most American businesses are prohibited from dealing with Sudan under executive order issued in 1997 by former president Bill Clinton.
However he cautioned that his adminstration will ” enforce this legislation in a manner that does not conflict with that [preisdential foreign policy] authority.
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Below is the text of Bush statements after signing the bill
Today, I have signed into law S. 2271, the “Sudan Accountability and Divestment Act of 2007.” I share the deep concern of the Congress over the continued violence in Darfur perpetrated by the Government of Sudan and rebel groups. My Administration will continue its efforts to bring about significant improvements in the conditions in Sudan through sanctions against the Government of Sudan and high level diplomatic engagement and by supporting the deployment of peacekeepers in Darfur.
This Act purports to authorize State and local governments to divest from companies doing business in named sectors in Sudan and thus risks being interpreted as insulating from Federal oversight State and local divestment actions that could interfere with implementation of national foreign policy. However, as the Constitution vests the exclusive authority to conduct foreign relations with the Federal Government, the executive branch shall construe and enforce this legislation in a manner that does not conflict with that authority.
GEORGE W. BUSH
THE WHITE HOUSE,
December 31, 2007