State Legislature Passes Iran Divestment Act

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.

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