TRENTON – A bill to prohibit public contracts with businesses engaging in investments with Iran was approved unanimously by the Senate State Government Committee.
The bill, S1304, has several amendments, many relating to increasing periods of time associated with it. The Treasurer would have 90 days rather than 30 to develop a list of entities identified as engaging in business with Iran, and would have 180 days, rather than 90, to update such a list. Also, affected entities would have 90 days instead of 30 to show they have ceased to engage in activities with Iran.
The action demonstrates opposition to Iran’s ongoing drive to develop nuclear capabilities.
Supporters include the American Council of Life Insurance, N.J. Catholic Conference, and Jewish Federation of Central N.J. and other Jewish organizations.
Senate Minority Leader Thomas Kean Jr., one of the prime sponsors, said “It’s the right thing to do,’’ and is part of New Jersey’s history of being a leader in such political statements. He said the lowering of the penalty threshold is important in the effort to fight Iran’s nuclear drive.