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Steelman says MO shouldn't invest in Iran

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State Treasurer Sarah Steelman (state of MO photo)

By AP/KWMU

Jefferson City, MO – Missouri's state Treasurer, Sarah Steelman wants the state employee retirement system - which pays out pensions to retired state workers - to stop investing in foreign companies and banks with terrorist connections.

Steelman is part of the board that oversees the Missouri State Employees' Retirement System, but she cannot change the investment strategy herself.

Steelman says the state should not be investing in Arab Bank or in other foreign companies doing business in Iran, which is under long-standing U.S. sanctions. Arab Bank faces lawsuits alleging it supports terrorism.

The state's retirement system invests a total of about $6 billion dollars; Steelman says about $80,000 of that is invested in Arab Bank and about $20 million is invested in companies that do business in Iran.

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