The mailing says American banks and corporations are providing key economic support for the white minority regime of South Africa. The mailing says direct U.S. investment in South Africa exceeds $2 billion and according to the U.S. Federal Reserve Board lending by U.S. banks to all South African borrowers stood at $4.54 billion as of June 1984. The mailing discusses the Anti-Apartheid Act of 1985 (HR 1460/S 635) originally sponsored by Representative William H. Gray III of Pennsylvania and Senator Edward M. Kennedy of Massachusetts. The mailing says the provisions of HR 1460/S 635 include: a) prohibition of loans to the South African government; b) prohibition of all new investment in South...
The mailing says American banks and corporations are providing key economic support for the white minority regime of South Africa. The mailing says direct U.S. investment in South Africa exceeds $2 billion and according to the U.S. Federal Reserve Board lending by U.S. banks to all South African borrowers stood at $4.54 billion as of June 1984. The mailing discusses the Anti-Apartheid Act of 1985 (HR 1460/S 635) originally sponsored by Representative William H. Gray III of Pennsylvania and Senator Edward M. Kennedy of Massachusetts. The mailing says the provisions of HR 1460/S 635 include: a) prohibition of loans to the South African government; b) prohibition of all new investment in South Africa c) ban on the importation of Krugerrands into the U.S.; and d) prohibition of computer sales to the South African government. The mailing says Congress is also considering an omnibus sanctions bill (HR 997), originally introduced by Representative Ronald V. Dellums, that mandates complete corporate disinvestment from South Africa I addition to the following provisions: a) a trade embargo; b) prohibition of landing rights for South African aircraft; and c) prohibition of tax credits and deductions for U.S. firms operating in South Africa for any income paid to South Africa. The mailing says the Sullivan Principles are not a sufficient response. • U.S. in South Africa increases the ability of the white minority government to preserve its power. • Krugerrand sales provide direct financial support for South Africa. • Private and commercial bank loans have been critically important in propping up apartheid during financial crises. • Corporate investment in South Africa is a bad risk and detrimental to U.S. nation security interests.
