Governor Cuomo signed the Iran Divestment Act today. The new law, which was passed by the State Legislature Tuesday, will bar businesses from signing or renewing state or local government contracts if they provide goods, services or credit worth $20 million or more to Iran’s energy sector. It was backed by Senate Majority Leader Dean Skelos and Assembly Speaker Sheldon Silver.
“This new law ensures that companies that invest in Iran’s energy sector do not do business with the State of New York,” Governor Cuomo said in a statement announcing the law’s passage. “I thank Majority Leader Skelos and Speaker Silver for their leadership and hard work on this important law.”
Both Senator Skelos and Speaker Silver also released statements praising the new law.
“By putting in place this important legislation, we are standing together to denounce Iran’s attempt to build nuclear weapons that would pose a grave threat to America, Israel, and our other friends in the Middle East,” Senator Skelos said. “I thank Governor Cuomo for signing this bill into law.”
Speaker Silver said the law signifies New York is doing its part to “make the world a safer, more secure place.”
“It is no secret that Iran is the patron of terrorism in the Middle East. This tyrannical regime has been linked to terrorist activities ranging from assassinations and hostage taking to bombings and hijackings directed against Israel and the West,” Speaker Silver said.
The Iran Divestment Act was modeled after similar legislation in California.