The Los Angeles City Council barred investors in Iran’s energy sector from bidding on or holding contracts with the state of California or its municipal governments.
Friday’s 13-0 vote makes Los Angeles the first city in California to fully comply with the state’s Iran Contracting Act of 2010, according to a statement issued by the council.
California passed its law in the wake of the federal Comprehensive Iran Sanctions, Accountability, and Divestment Act, which authorizes state and local governments to divest from parties involved in Iran’s petroleum, natural gas or nuclear industries. and to bar the parties from state and local government contracts.
City Attorney Mike Feuer told the Los Angeles City News that his office surveyed all city agencies and did not find any that were not complying with the city’s 2010 ban on doing business with firms contracting with Iran.