30 Years After applauds Governor Schwarzenegger for signing the Iran Contracting Act of 2010 (AB 1650) into law yesterday. The law would preclude all public entities in California from renewing or entering into contracts with companies that have substantial business in Iran’s energy sector. 30 Years After and the Iranian American Jewish community commend the sponsors of the bill, Assembly Members Mike Feuer and Bob Blumenfield, for their leadership in sponsoring this critical piece of legislation, which will end taxpayers’ investment in companies supporting Iran’s dangerous pursuit of nuclear weapons.
IRAN DIVESTMENT LEGISLATION SIGNED BY GOVERNOR
AB 1650 Prohibits Companies with Significant Business in Iran’s Energy Sector
from Contracting with the State of California and Local Governments
FOR IMMEDIATE RELEASE: September 30, 2010
Feuer Contact: Arianna Smith (916) 319-2042
Blumenfield Contact: Colleen Beamish (916) 319-2040
September 30, 2010 (Sacramento) – The Governor has signed Assembly Bill 1650 by Assembly members Mike Feuer and Bob Blumenfield, legislation prohibiting contracts of $1 million or more between the State of California (including its cities and counties) and companies with significant business in Iran’s energy sector. The measure bolsters sanctions that the U.S. and the United Nations imposed on Iran earlier this year.
On July 1, the President signed into law bipartisan legislation to limit Iran’s ability to achieve nuclear weapons capability. The law authorizes states and local governments to divest from companies with investments that support Iran’s energy sector and thus promote the efforts of Iran’s government to achieve a nuclear weapons capability. With the Governor’s approval of AB 1650, California will be the first state in the nation to enact legislation under this law.
“Just yesterday, President Obama issued an executive order imposing sanctions on officials complicit in egregious human rights abuses in Iran. Today the state of California joins this federal effort by sending a clear message to international companies: If you support the nuclear ambitions and human rights abuses of Iran’s terrorist regime, we won’t do business with you,” said Feuer. “As the first state to pass legislation under the federal law, California will lead the nation in encouraging companies to reject investments in Iran’s energy sector.”
“Any international company that participates in Iran’s economy is directly helping that country’s pursuit of nuclear weapons, and supporting Iran’s goal of annihilating its political enemies. With the enactment of this legislation, the state of California is taking a strong stand against Iran’s tyrannical ambitions, and the companies that are complicit in its evil acts,” Blumenfield said.
AB 1650 precludes all public entities in the State of California from renewing or entering into contracts of $1 million or more with companies that have substantial business in Iran’s energy sector. The bill ensures that California’s tax dollars do not go to companies whose investments support Iran’s nuclear program, exploitation of terror and brutal suppression of internal dissent. Companies with current interests in Iran’s energy sector which choose to cease these operations will be permitted to contract with the state and local governments in California.