Chicago overture: Steer stock funds to peace firms
The Layman Online, January 31, 2006
The Presbytery of Chicago, which riled the Chicago City Council and Jewish leaders in the city with its sponsorship of a Middle East junket that included a meeting with a Syrian terrorist, has approved a divestment overture aimed at calming the storm.
The proposal calls on the 217th General Assembly to require that, if the denomination divests of its holdings in corporations doing business with Israel, the proceeds be reinvested in “corporations doing business in the region whose activities benefit the human condition.”
The overture neither condemns nor supports the resolution of the 216th General Assembly in 2004 that singled out corporations doing business with Israel for divestment. Several Jewish and Christian groups have condemned the resolution as one-sided and as an endangerment to Israel’s right to self-protection.
After the Chicago Presbytery sent its delegation to the Mideast and met with the Southern Lebanon commander of Hezbollah, Jewish and political leaders in Chicago responded with strong criticism. Two key city council members threatened to disapprove a rezoning request that would allow the construction of a high-rise condominium on the property of Fourth Presbyterian Church, the largest congregation in the presbytery.
Recently, a bipartisan slate of eight members of Congress urged the presbytery to stop meeting with Hezbollah. “We urge you to rethink this policy of continued contact with people responsible for the murder of 258 Americans and the citizens of other members of the United Nations,” said the letter, initiated by Rep. Mark Kirk (R-Ill.) and Rep. Robert Andrews (D-N.J.).
The text of the Chicago overture:
Overture 49. On the Sale of Divested Holdings – from the Presbytery of Chicago.
“How very good and pleasant it is when kindred live together in unity.” (Psalm 133:1)
Whereas, the Session of the Fourth Presbyterian Church of Chicago has adopted a resolution expressing its intention to propose through the Presbytery of Chicago that should the Presbyterian Church (U.S.A.), as a result of the General Assembly’s action, sell any of its holdings in any corporation doing business in Israel, whatever proceeds are realized from the sale of those holdings be reinvested in corporations doing business in the region whose activities benefit the human condition; and
Whereas, the Fourth Presbyterian Church of Chicago advocates the positive approach of investing for peace in entities doing business in Israel and Palestine, using an investment criterion which can be embraced by all people, being guided by the prophetic injunction for justice (Amos 5:24 ‘Let justice roll down like waters’)and the Talmudic concept of “tikum olam” – to repair the world; and
Whereas, the human mission to repair the world articulated in Jewish scriptures is also of a piece with the theological views of other faiths, including our own Christian faith, regarding humankind’s responsibilities for justice and peace; and
Whereas, numerous opportunities to help carry out and encourage this mission abound in Israel and Palestine;
Therefore the Session of the Fourth Presbyterian Church of Chicago submits the following Overture to the Presbytery of Chicago, seeking adoption and submission to the 217th General Assembly.
OVERTURE:
That if, as a result of the action of the 216th General Assembly taken July 1, 2004 (paragraph 7 of Overture 04-32) referring to Mission Responsibility Through Investment Committee (MRTT) with instructions to initiate a process of phased, selective divestment in multinational corporations doing business in Israel, the Presbyterian Church (U.S.A.) should sell any of its holdings in any corporation doing business in Israel, whatever proceeds are realized from the sale of those holdings be reinvested in corporations or other entities in Israel and Palestine whose work reflect the Hebrew injunction of “tikun olam,” – to repair the world.”