Congressman Murphy Applauds Passage of Further Sanctions Against Iran

Washington, DC, Oct 13 - On Tuesday, Congressman Scott Murphy applauded the passage of the Iran Sanctions Enabling Act of 2009, which authorizes state and local governments to divest their pension funds from companies that invest in Iran’s energy sector.

The bill, HR 1327, targets companies that provide at least $20 million in credit or investment in Iran’s energy sector. The bill also gives approval for state and local governments to enforce similar local laws that have already been enacted before the bill takes effect.

Article continues below...

“This bill gives state and local governments the tools to hit the Iranian regime where it hurts – the pocketbook,” said Rep. Murphy. “It is critical that we take measures to ensure that American tax dollars never go towards helping Iran build up its nuclear program. This bill is a logical step in that direction.”

While Iran is the fourth-largest oil producer in the world, it relies heavily on foreign investment to export petroleum abroad and meet its domestic demand for gasoline. Though U.S.-based companies are already prohibited from investing in Iran, foreign companies are free to do business there. This bill allows state and local governments to divest from or prohibit investment in those companies.

Source: Congressman Scott Murphy