Cuomo Signs Iran Divestment Act

Companies That Invest in Iran's Energy Sector Will Not Get Contracts in New York State

Governor Andrew Cuomo today signed the Iran Divestment Act, a new law that will exclude companies that invest in Iran's energy sector from entering into contracts with state and local governments.

"This new law ensures that companies that invest in Iran’s energy sector do not do business with the State of New York," Governor Cuomo said.

"I thank Majority Leader Skelos and Speaker Silver for their leadership and hard work on this important law."

The Iran Divestment Act of 2012 prohibits companies that invest in the Iranian energy sector from receiving state or local government contracts.

The Office of General Services will develop a list of entities involved in such investments and will inform these companies that they will be unable to bid on government contracts as long as they support Iran's energy sector.

The law also requires companies to certify that they do not hold such investments when applying for government contracts, and allows affected businesses to appeal. The law takes effect in 90 days.

"This new law will make sure that New York does not allow companies that invest in Iran's energy sector to receive state contracts. By putting in place this important legislation, we are standing together to denounce Iran's attempt to build nuclear weapons that would pose a grave threat to America, Israel, and our other friends in the Middle East. I thank Governor Cuomo for signing this bill into law," said Senate Majority Leader Dean G. Skelos.

Assembly Speaker Sheldon Silver stated, "It is no secret that Iran is the patron of terrorism in the Middle East. This tyrannical regime has been linked to terrorist activities ranging from assassinations and hostage taking to bombings and hijackings directed against Israel and the West. By divesting the state from any business with corporations who fuel Iran’s terrorist activities and pursuit of nuclear weapons, we are doing our part to make the world a safer, more secure place. I commend Governor Cuomo for swiftly signing this measure into law."