February 17, 2023 10:40 a.m. 

On Thursday, in the House Committee on Emergency Management General Government and Veterans, Senate Republican Leader Tim Knopp of Bend, testified in opposition to HB 2601.

A release said the bill would force the Oregon State Treasury to divest from certain fossil fuel investments and is projected to result in a significant loss of returns from public employee pensions.

Knopp said, “This bill makes a damaging assumption that the retirement funds of public employees belong to the State of Oregon. That assumption is both dangerous and wrong. This money belongs to public employees. It belongs to firefighters, police officers, teachers, and all those who serve Oregonians every day”.

Knopp said Oregon Courts have affirmed over the past thirty years that the money in the public employee retirement fund belong to public employees, not the state or state lawmakers. Knopp said, “We cannot and should not do anything to usurp their decision-making authority about how their money is invested and that would lead to a decline in their earnings or their retirement future”.

A recording of Senator Knopp’s testimony on the legislation is linked: https://www.youtube.com/watch?v=LQR2RHKXOao