The Assembly passed legislation co-sponsored by Assemblymember Rory Lancman (D-Hillcrest) that prohibits state and local governments from working with companies that have business with the Islamic Republic of Iran.
“As long as Iran continues its reckless quest to obtain nuclear weapons and continues to support terrorism abroad, companies doing business with Iran’s energy sector will not be welcome to do business with our state,” Assemblyman Lancman said.
The Iran Divestment Act of 2012 directs the New York State Office of General Services to identify persons or entities that invest an excess of $20 million in goods, services or credit in the Iranian energy sector, and prevent those companies from doing business with the state.
Assemblyman Lancman, a leading advocate for the bill, voted this afternoon for its passage. This legislation comes on the heels of a federal law passed last year that allows states and local governments to divest from companies that directly or indirectly support Iran’s energy sector. If signed by the Governor, this law would make New York the next largest state in the nation after California to bar companies doing business with the state from engaging in oil or natural gas development in Iran.
“We have to do everything in our power to stop Iran from achieving nuclear capability,” Assemblyman Lancman said.
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