The New York State Legislature returned to work yesterday and passed its first agreement of the 2012 session–the Iran Divestment Act. Modeled after similar legislation in California, the Iran Divestment Act will prohibit companies from signing or renewing state or local government contracts if they provide good, services or credit worth $20 million or more to Iran’s energy sector. The bill was introduced by Senate Majority Leader Dean Skelos.
“When I introduced this bill last fall, I said the Senate would take it up very early in the 2012 session and we are keeping that commitment,” Senator Skelos said in a statement after the bill was passed.
Under the legislation, the Office of General Services to create a list of people and businesses with investments of more than $20 million in the Iranian industry. Companies on the list will be barred from bidding on government contracts.
“The Senate’s swift action shows how important it is that we stand together to condemn tyrannical governments like Iran which sponsor terrorism, have attempted to acquire nuclear weapons and threaten U.S. allies like Israel, as Iran has repeatedly done. I applaud Speaker Silver for taking the lead on this effort and passing it in the Assembly,” Senator Skelos said.
The Iran Divestment Act was sponsored by all the members of the Senate Majority conference. It is being sent to Governor Cuomo for his consideration.