fbpx

Calif. bars state banks from funding Iran, terror groups

California enacted a measure making it illegal for state-chartered financial institutions to be used, directly or indirectly, to funnel money to terrorist groups or the government of Iran.
[additional-authors]
August 27, 2013

California enacted a measure making it illegal for state-chartered financial institutions to be used, directly or indirectly, to funnel money to terrorist groups or the government of Iran.

The law signed Monday by Gov. Jerry Brown provides oversight mechanisms to ensure that the state-licensed banks and credit unions have policies to prevent the maintenance and opening of accounts with foreign financial institutions that legally assist Iran.

Violators would be fined and reported to the U.S. Treasury Department for prosecution.

The state Assembly and Senate overwhelmingly passed the measure.

The legislation “sends a clear message that California — the ninth largest economy in the world — will not tolerate efforts by this Iranian regime to achieve nuclear weapons capabilities,” said Bob Blumenfield, a member of the Los Angeles City Council who backed the measure along with the Jewish Public Affairs Committee of California.

Did you enjoy this article?
You'll love our roundtable.

Editor's Picks

Latest Articles

Print Issue: Got College? | Mar 29, 2024

With the alarming rise in antisemitism across many college campuses, choosing where to apply has become more complicated for Jewish high school seniors. Some are even looking at Israel.

More news and opinions than at a
Shabbat dinner, right in your inbox.

More news and opinions than at a Shabbat dinner, right in your inbox.

More news and opinions than at a Shabbat dinner, right in your inbox.