BREAKING NEWS

Iran Divestment Act submitted to New York legislature

By JTA

OCTOBER 27, 2011 16:21

NEW YORK – A bill has been submitted to the New York State legislature that would publish the names of individuals or companies doing business with Iran.

The Iran Divestment Act of 2012 was conceived jointly by the Jewish Community Relations Council of New York and New York State Assembly Speaker Sheldon Silver.

The bill, announced on Thursday, would create a public list of individuals or companies who are currently 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 that make it onto the list 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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