The state Legislature today is set to pass the Iran Divestment Act to bar companies that invest in Iran’s energy industry from doing business with the state.
The bill (S5197-A) is modeled after similar legislation in California. The state Office of General Services would create a list of people and corporations with investments of more than $20 million in the Iranian energy sector. Companies on the list would be barred from bidding on state and local government contracts in New York.
Both the Senate and Assembly are scheduled to pass the legislation today. Assembly Speaker Sheldon Silver, D-Manhattan, is holding a news conference this afternoon to announce his conference’s support for the legislation, which he introduced last year.
“When the bill was introduced last fall, the Senate planned to take it up very early in the 2012 session and we are keeping that commitment,” Sen. Catherine Young, R-Olean, Cattaraugus County, said in a statement Friday.
The move is aimed at condemning Iran, and the bill will require companies to certify they do not do business with Iran when they submit bids to state and local agencies.
There is a federal law that allows states and local governments to divest from companies whose interests in Iran’s energy sector directly or indirectly support its pursuit of nuclear weapons, Young said in the statement. She said the divestment would apply to companies engaged in oil or natural gas development in Iran, as well any company found to be directly involved in nuclear power.