TRENTON -- The state Senate threw nearly full support Monday behind a bill requiring New Jersey's public worker pension fund to divest from companies that boycott Israeli goods and businesses.

The bill (S1923) pushing back against businesses participating in the Palestinian-led "Boycott, Divestment and Sanctions" movement against Israel was approved 39-0. The Assembly still needs to take action on the bill.

State Sen. Jim Beach (D-Camden), a sponsor, said on the Senate floor Monday that "I think this bill sends a very clear message to our friends in Israel that New Jersey has your back."

Under that bill, the state Division of Investments would be barred from investing public workers' $68.6 billion pension fund in these companies and dump any of these existing holdings within 18 months.

It makes exceptions for companies that provide "humanitarian aid to the Palestinian people through either a governmental or nongovernmental organization unless it is also engaging in prohibited boycotts."

New Jersey has one of the largest Jewish populations in the U.S. and is said to trade more than $1.3 billion in goods each year with Israel.

"New Jersey cannot support such biased practices as those of the BDS against our sister state," state Senate Majority Leader Loretta Weinberg (D-Bergen) said in a statement. "Israel has long been a vibrant trading partner, ally and friend with our state, and making sure that we are not investing in any company that seeks to hurt the interests of Israel or its people through boycotts, divestments and sanctions will send a clear message that we stand against this kind of veiled discrimination."

Similar anti-BDS laws have taken shape in Illinois and Florida, where Gov. Rick Scott in March signed a ban on doing business with companies boycotting Israel.

New Jersey already prohibits the pension fund from investing in businesses with ties to Northern Ireland, Sudan and Iran.

Tom Byrne, chairman of the State Investment Council that overseas the public retirement fund, told NJ Advance Media last week he could not yet assess what kind of effect the newest prohibition might have on the state's portfolio.

"The Legislature has passed prohibitions like this in the past. That's their job," Byrne said. "We abide by what the Legislature says... And if something becomes a material problem, we would at least provide that feedback."

Samantha Marcus may be reached at smarcus@njadvancemedia.com . Follow her on Twitter @samanthamarcus. Find NJ.com Politics on Facebook.