Bill > S3487

Introduced Session

This bill would prohibit the investment of New Jersey public employee retirement funds in any company, country, or country's instrumentality that avoids its Superfund obligations to the State by filing for bankruptcy or otherwise rendering a company or instrumentality incapable of fulfilling its responsibilities, in whole or in part, for a Superfund site in the State for which it has been identified as a responsible party. The Diamond Alkali Company Superfund Site has had a detrimental effect on the State's soil, waters, air, and people. The contaminants from the site have tainted the fish and wildlife in the area of the Passaic River that was impacted to the point that prohibitions and advisories on consumption of fish and crabs from the area are in place. After a long-awaited decision from the United States Environmental Protection Agency (EPA), in March 2016, the EPA announced that remediation of the Diamond Alkali Company Superfund site would cost $1.38 billion. Just three months following this announcement, YPF S.A., the Argentinian state-owned company that acquired Maxus Energy Corporation (previously Diamond Alkali Company) placed Maxus Energy into bankruptcy, ultimately stripping it of its assets and leaving it unable to fulfill its Superfund obligations for the Diamond Alkali site. Nevertheless, YPF S.A. remains a profitable business. Considering the devastating impact these Superfund sites have on the State's residents and the environment, entities avoiding their Superfund obligations should be aware that avoiding such responsibility will not be without consequence.

AI Summary

Committee Categories

Diane Allen (R)*,  Jim Beach (D)*,  Steven Oroho (R), 

Substituted by A4814 (1R) (on 01/08/2018)

Official Document