Rep. Eric Massa votes to impose sanctions against those that enable the Iranian Regime

Overwhelmingly bipartisan bill divests from Iran's Energy Sector

10/14/09 -- WASHINGTON, D.C. - Today Rep. Eric Massa voted to help pass the overwhelmingly bipartisan Iran Sanctions Enabling Act of 2009. This bill, which passed by a vote of 414-6, is designed to authorize State and local governments to direct divestiture from, and prevent investment in, companies with investments of $20,000,000 or more in Iran's energy sector. This is just one step in the overall effort to hold those that enable Iran accountable.

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"I support making it difficult for Iran to do business with the world while they continue defying the will of the international community by pursuing nuclear weapons," said Rep. Eric Massa. "Last month a new Iranian nuclear facility was discovered while they were testing long-range missiles - the United States cannot sit back and allow this behavior to continue. This is unacceptable and we must continue to clamp down on Ahmadinejad's ability to develop and acquire nuclear weapons."

Specifically this bill does the following:

• States that it is the policy of the United States to support the decision of state and local governments and educational institutions to divest from, and to prohibit the investment of assets they control in, persons that have investments of more than $20 million in Iran's energy sector.
• Authorizes a state or local government to adopt and enforce measures to divest its assets from, or prohibit the investment of assets they control in, such persons, including financial institutions which extend them credit to so invest.
• Amends the Investment Company Act of 1940 to shield any registered investment company from civil, criminal, or administrative action based upon its divesting from, or avoiding investing in, securities issued by such persons.
• Expresses the sense of Congress that a fiduciary of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) may divest plan assets from, or avoid investing plan assets in, a person that has investments of more than $20 million in Iran's energy sector without breaching his or her fiduciary duties under ERISA, if such determination is based on credible information and in accordance with federal law.

Source: Rep. Eric Massa