Assembly Panel Approves Bill To Prohibit Government From Doing Business With Companies Operating In Iran

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TRENTON – An Assembly committee released a bi-partisan bill that would impose financial sanctions on Iran in an effort to stymie its nuclear capacity.

The legislation (A-2146) would prohibit all state and local entities from doing business with individuals or companies that engage in certain investment activities in the energy, financial or construction sectors of Iran. The bill follows the direction of the July 2010 Comprehensive Iran Sanctions, Accountability, and Divestment Act signed into law by President Obama which expressly authorizes states and local governments to prevent investment in companies operating in Iran.

Specifically, the bill would prohibit state and local contracting units, boards of education, and county colleges from contracting with individuals or entities engaged in certain investment activities in the energy, financial or construction sectors of Iran.

“New Jersey has taken similar steps against atrocities in the Sudan, and while we realize this alone won’t stop Iran’s efforts, this will be a part of a larger effort to bring peace to the Middle East and protect Israel’s right to exist,” said Assemblyowman Annette Quijano (D-Union). “Threats of weapons of mass destruction cannot be tolerated against our allies, and money is a global language. By helping dry up financial support for Iran, we will be taking a step toward protecting our friend, Israel.”

The bill was unanimously released by the Assembly State Government Committee on Thursday.

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