Assemblyman Zebrowski Announces the Passage of the Iran Divestment Act of 2012

January 9, 2012

Assemblyman Kenneth Zebrowski (D-New City) announced the passage of the Iran Divestment Act of 2012, a bill he co-sponsored (A.8668-A). The bill prohibits companies that invest in Iran’s energy sector from doing business with New York State, unless the companies certify they are not investing, have stopped their investments or are taking steps to cease such investments in the Iranian energy sector. The bill applies to companies engaged in oil or natural gas development in Iran, as well as those found to be directly or indirectly involved in Iran’s efforts to obtain nuclear arms.

“The threat that Iran poses is not just a federal issue,” said Assemblyman Zebrowski. “The passage of this bill marks New York State’s dedication to the security of its people. It is critical that we send a message to companies in our state that are contributing to Iran’s pursuit of nuclear weapons.”

The legislation directs the state Office of General Services to create a list of people, corporations and other organizations in New York State with investments greater than $20 million in the Iranian energy sector. Those on the list would be excluded from bidding on government contracts.

The bill also requires individuals or entities to certify they are not on the list when they submit bids to state and local agencies. Those on the list that are the sole source of certain commodities or services can renew or enter into contracts on a case-by-case basis.

“With this legislation, New York affirmatively states that Iran’s policies are unacceptable and our resources will not support their radical agenda,” said Zebrowski.