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Portland's Socially Responsible Investments Committee voted 4-2 Thursday to put Caterpillar on the city's "do not buy" list, because activists say Caterpillar and its D-9 bulldozer support the Israeli occupation of Palestine.
"Caterpillar is the model of corporate bad behavior," said committee member Hyung Nam, who is also a teacher at Wilson High School. "As for the issue with their bulldozers: this is a military weapon that was designed for military purposes —not for tractors. It's been used to destroy Palestinian homes and infrastructures. They're clearly not responding to criticism for developing a military weapon."
The issue of whether Portland should divest from Caterpillar and other companies said to support the Palestinian occupation sparked controversy and division in October among members of another volunteer-led city committee, the Human Rights Commission.
The Human Rights Commission endorsed pulling Portland money from Caterpillar but the decision prompted two members of the HRC, who later said they didn't understand what they were supporting, to renounce their votes. Mayor Charlie Hales said he didn't support the move. The Jewish Federation of Greater Portland railed against it. So did Oregon Treasurer Ted Wheeler, who's running for Portland mayor, and U.S. Rep. Suzanne Bonamici (D-Portland).
"This decision is deeply disappointing and only aggravates divisions among people who share a common goal — a peaceful two-state solution that affirms the rights of Israelis and Palestinians," Bonamici wrote in an Oct. 29 letter to the Portland City Council.
Sayer Jones, a second member of Portland's responsible investing committee, said today the group has an obligation to communicate with Caterpillar and make clear exactly what needs to change. "We are missing an opportunity to exert our power if we do not try to engage with companies," Jones said.
Nam, the Wilson teacher, said the opposite approach would prove more effective. "There have been campaigns with these companies to change their behavior for years, but they have not," he said. "Putting them on this list will motivate them to change their behavior."
Robert Landauer opposed the move. "We're on the precipice of absurdity for putting this on the 'do not buy list' if that is what happens," Landauer said. "I find it difficult to say that the company itself, not the Israeli government, is egregiously among the worst."
The committee won't make a final recommendation until October. If the Portland City Council agrees with its decision, Caterpillar will join Walmart and fossil fuel companies on the list of those excluded from Portland's portfolio of investments.
Portland's treasurer, Jennifer Cooperman, says not investing in Caterpillar could spell a loss of $750,000 to $1 million in interest earnings foregone over a three-year period.
Willamette Week