NJ Law Blocks Investments In Firms Targeting Israel

TRENTON, NJ (CBS) -- A new law in New Jersey prohibits investment of state funds in business ventures that boycott Israel.

Governor Chris Christie signed bipartisan legislation that helps to combat what's known as the "BDS movement", short for boycott, divestment and sanctions which he says is being undertaken by other nations in an effort to damage the Jewish state.

Christie signed the legislation in front of supporters in his office in Trenton, saying "there still are people in the United States, and people of both parties in this state, who understand that unequivocal, unashamed, unapologetic support of Israel is the policy of the state of New Jersey and should be the policy of the United States of America."

The federal government has, in fact, taken similar action on investment funds, along with the states of New York, Illinois and South Carolina. New Jersey has also divested itself of foreign firms with ties to Sudan and Iran.

This measure specifically prohibits investment of state pension and annuity funds in companies that boycott goods, products or businesses of Israel.