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A Resolution directing the City Pension Funds to review and act on investments in El Salvador, ensuring transparency, accountability and fiscal responsibility in light of recent developments.
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WHEREAS, Investments in nations where there is NOT respect for the Rule of Law is inherently riskier, and may jeopardize the financial stability and fiduciary duty of our public pension funds; and
WHEREAS, The Supreme Court of the United States, in a 9-0 ruling, has ordered the Trump administration to facilitate the return to the United States of Kilmar Armando Abrego Garcia, a Maryland man who was mistakenly taken to El Salvador and remains in custody there, siding with a District Court judge who had previously ordered that Abrego Garcia be brought back to the United States; and
WHEREAS, In an official visit with the current Presidential Administration, when asked if he would return Kilmar Abrego Garcia, the President of El Salvador, Nayib Bukele, said that it would be "preposterous" to suggest he would return him to the United States, despite our Supreme Court ruling; and
WHEREAS, Such a statement from the President of El Salvador undermines the integrity of international legal norms and raises serious concerns about the rule of law in that nation, as well as potential risks to investments in businesses operating within the country's borders; and
WHEREAS, Maryland Senator Chris Van Hollen and other Congressional members were initially turned away when attempting to visit a detention facility in El Salvador, highlighting the challenges and concerns surrounding this detention and the lack of transparency in this case; and
WHEREAS, The City Council of Philadelphia recognizes its responsibility to safeguard the interests of its citizens and public employees, especially in the context of pension funds; now, therefore, be it
RESOLVED, THAT THE COUNCIL OF THE CITY OF PHILADELPHIA, Hereby directs the City Pension Fund to review any and all investments in any businesses that are doing business and/or based in El Salvador.
FURTHER RESOLVED, That the Pension Fund, acting in accordance with its fiduciary responsibilities, shall plan for an appropriate exit from these investments to mitigate any undue financial risks.
FINALLY RESOLVED, That such public rebuke to our highest Court demonstrates that the risk of continuing investments in El Salvador is both unnecessary and unacceptable in the City that is the birthplace of the United States Constitution, a City founded on the principles of justice, fairness, and the rule of law.
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