Assembly Passes The Iran Divestment Act Of 2012
On Monday January 9th, I joined my colleagues in Albany for the start of the 2012 Legislative Session. The first piece of legislation that the Assembly considered this year was the Iran Divestment Act of 2012 (A.8662-A/S.5917) , which was passed unanimously.
This bill requires the State Office of General Services (OGS) to identify people or entities that invest more than $20 million in goods, services or credit in the Iranian energy sector. Once these organizations are identified, they will be prohibited from entering into or renewing contracts with New York State and its local governments.
From last year's failed terror attempt in Washington D.C. to the announcement of a second major uranium enrichment site, it is clear that Iran is a sponsor of international terrorism. By investing in Iran's energy sector, companies are only helping provide additional resources that further hateful acts of violence.
As we continue to rebuild New York, we must make it clear that we are committed to doing it the right way and doing business with a state sponsor of terrorism is anything but right.