Iran Divestment Act heading to N.Y. Legislature


NEW YORK (JTA) – The names of individuals or companies doing business with Iran would be published under a bill to be submitted to the New York State Legislature.

The Iran Divestment Act of 2012 to be introduced Thursday at a news conference was conceived jointly by state Assembly Speaker Sheldon Silver and the Jewish Community Relations Council of New York.

The measure would create a public list of individuals or companies investing in Iran and bar them from doing business with the State of New York. “Investment” is considered any activity that provides goods or services, or credit used for goods or services of $20 million or more in the energy sector of Iran. Those named would have the opportunity to challenge their placement.

According to Silver, the prohibition is necessary because of Iran’s role in state-sponsored terrorism and pursuit of nuclear weapons. The legislation is modeled after a similar law in California.


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