The Acts of Convention

House of Deputies

Original Text of Resolution:

(D059)

Whereas, Executive Council has, since 1975, maintained deposits in minority banks and credit unions and, as of June 30, 1985, had approximately $375,000 on deposit in such institutions; and

Whereas, The Episcopal Church Pension Fund has, from time to time, maintained deposits in minority banks and credit unions; and

Whereas, There is a growing interest in the Episcopal Church, as well as in our sister denominations, in making socially responsible investments; therefore be it

Resolved, the House of Bishops concurring, That the Treasurer of the Church be commended for his efforts to maintain deposits in minority banks and credit unions and that this practice be, and it hereby is, commended to all of the Church's dioceses, parishes, missions, and Episcopal institutions and agencies; and be it further

Resolved, That the Episcopal Church Pension Fund be requested to consider seriously, within the limits of its fiduciary duties, the reinstitution of the practice of depositing funds in minority banks and credit unions; and be it further

Resolved, That the Executive Council's Committee on Social Responsibility in Investments be requested to develop a clearing house of information pertaining to socially responsible investing.

Deputy Wittlinger of Michigan moved an amendment.

Proposed Amendment:

In the second line of the first Resolved clause and the third line of the second Resolved clause:

add the words "Federally insured savings and loan associations" following the word "banks".

Deputy Waymouth of Maine moved an amendment.

Proposed Amendment:

In the second line of the second Resolved clause:

substitute the word "continuation" for the word "reinstitution".

Both amendments were accepted by the Committee.

Motion carried

Resolution adopted

(Communicated to the House of Bishops in HD Message #55)